Shiba Inu Price Prediction: SHIB Tumbles 4% – Is This the Perfect Buy-In Moment?

Shiba Inu Price Prediction: SHIB Tumbles 4% – Is This the Perfect Buy-In Moment? / Source: Cryptonews

Shiba Inu (SHIB) price predictions have turned sour in recent days, and with SHIB having fallen 4% on Thursday and eyeing a retest of its April lows, traders are asking whether this might be the perfect buy-in moment.

With technicals worsening in June, Bitcoin (BTC) ’s failure to break to new yearly highs could signal down for SHIB.

The Shiba Inu price could soon drop back to recent lows. Source: TradingView

Bitcoin rejected a retest of $70,000 this week as hawkish Fed rate projections dampened earlier CPI inflation optimism .

That sent a signal that Bitcoin’s consolidation of the past three months looks set to continue. And that could mean SHIB could succumb to more sell pressure.

The $0.000018 area has previously been a strong support zone for SHIB in 2024.

A retest of this zone could be the perfect moment to buy back in.

Shiba Inu Price Prediction – How High Can SHIB Fly This Bull Market?

SHIB has now retraced over 50% from the highs it hit near $0.000046 earlier this year.

But at the time of hitting 2024 highs, SHIB was still over 2x below its 2021 all-time highs near $0.00009.

Assuming SHIB can challenge its record highs again at some point during the ongoing bull market, gains of at least 4x could be in the bag.

That would take SHIB back to a market cap of around $50 billion.

But with many betting that Dogecoin (DOGE) can hit $1, and a market cap of over $140 billion this cycle, that could imply bigger upside ahead of SHIB.

After all, SHIB currently has a market cap 61% the size of Dogecoin’s. Assuming a steady DOGE/SHIB ratio, that could imply a market cap of nearly $90 billion if DOGE hits $144 billion.

SHIB Alternative to Consider – Play Doge (PLAY)

SHIB could see gains of north of 5x this bull market. But many meme coin investors will be hunting for bigger gains of the 50-100x region.

So why not consider an exciting new play-to-earn (P2E) utility-infused new meme coin called Play Doge (PLAY).

See the below video by CryptoNews’ in-house analyst as to why it is one of their top picks for 2024.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.