- With SHIB maintaining its place as the second well-known memecoin in regard to trading and volume, many have wondered if the community can help drive the price to a new high.
- • The price of the token has been consolidating around the 50 MA, so analysts have predicted that if it manages to break above this level, then the token could get to a new high.
Shiba Inu has officially cemented itself as the second-best and well-known memecoin based on trading volume and market cap in the crypto space. Recently, the token has been getting a lot of bullish momentum as more buyers are entering into the market and taking buy positions, and this has caused the price to rally higher. This interest in the token from investors must have come due to the new developments the Shibarium is making in the DeFi space.
Source: Tradingview
Can the Shiba Inu Massive Community Push the Price to a New High?
Many have looked at the massive community of this popular memecoin to help push the price of the token higher. Across various social media platforms, the token has succeeded in building a community of believers in the token. On X, for instance, the meme has gathered a following of over 3 million people. With this massive active community, many believe that there’s hope in the possibility of the token reaching a new high very soon.
The price has also managed to form a descending triangle pattern on the daily timeframe, and it has also been consolidating above the midline support and testing the 50-MA (moving average). Analysts have predicted that if the price of the token manages to break above its current level, then there’s a high possibility there’d be a bullish move.
Source: X
Some levels analysts have targeted as the next leg are $0.00001500, $0.00001750, and $0.00002500. However, if the price fails to break above this present 50 MA, then the price could possibly go lower or continue to consolidate. As of the time of writing, the token is trading at $0.00001354.
Source: coingecko
Also Read: Cardano’s Strong Growth Signals a $2 Rally: Is ADA Set to Breakout?
Disclaimer: This article is based on real-time market data and general technical observations. It does not constitute financial advice. Always conduct your own research before making investment decisions.
