Shiba Inu (SHIB), a popular cryptocurrency with a dedicated following, is currently trading below $0.000009. This holding pattern comes as larger cryptocurrencies such as Bitcoin (BTC) and Ethereum (ETH) experience consolidation phases that could result in a significant market move.
Debating SHIB’s Investment Viability in 2024
Initially branded as a “Dogecoin killer,” Shiba Inu has been the center of investor discussions regarding its long-term value. The question remains whether SHIB represents a sound investment or if there are alternatives with a better chance for high returns in the next year. Shiba Inu’s community, the enthusiastic SHIB army, has been a driving force behind its previous success, which saw the token reach an impressive peak in 2021. Despite a steep decline since then, hopes are still pinned on a revival to previous highs.
Assessing the Right Moment for SHIB Acquisition
Resisting an upward price movement, Shiba Inu is currently confronting trend line barriers on the charts. While the Bollinger Bands suggest a nearing breakout, the token must hold support at $0.000087 to encourage investors to buy. Climbing above current resistance levels would solidify the optimistic outlook for SHIB’s price increase.
At present, SHIB is trading in a tight range, awaiting a potential surge on the charts. The Shiba Inu ecosystem is confident in its ability to spur another bull run despite the growing number of competing tokens. A token burn program has been established within the ecosystem, having already removed a substantial amount of SHIB from circulation.