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Shiba Inu Set to Surge: Price Prediction Amid Intensifying Meme Competition

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Summary of Article

  • Shiba Inu (SHIB) has seen a 32% surge in price over the past 30 days due to positive sentiment in the crypto market.
  • SHIB is facing intense competition from new meme coins such as Shiba Memu, PEPE, and Dogecoin (DOGE).
  • To take advantage of its bullish potential, SHIB needs to break above the strong resistance at $0.00001.

Overview of Shiba Inu Price Prediction

Shiba Inu (SHIB) is currently experiencing an upward trend in price with a 19% rise in the last seven days and 1% increase at press time according to CoinGecko. This recovery comes after hitting a low of $0.0000947 two days before and is supported by the 50-day and 200-day Moving Average lines, as well as by MACD line crossing above the signal line. However, SHIB still needs to break through a major resistance at $0.00001 which is further backed up by the 200-day MA in order to maximize its bullish potential.

Competition from New Meme Coins

Shiba Inu is not only competing against its arch-rival Dogecoin (DOGE), but also against newcomers like PEPE and Shiba Memu (SHMU) which has recently raised over $1.7 million dollars during its token presale phase. As such, these new entrants add additional pressure on SHIB’s value due to their market presence.

Short Term Price Predictions

Given that there are several factors affecting SHIB’s price movement, it is difficult to make accurate short term predictions for this memecoin’s value. However, if SHIB manages to break above $0.00001 then it could experience another surge similar to what we have seen over the past 30 days when its value rose by 32%.

Long Term Price Predictions

It appears that despite competitive pressures from other meme coins, Shiba Inu will continue experiencing growth in value as long as positive sentiment remains around cryptos in general and more particularly memecoin assets like DOGE or Akita Inu (AKITA). The upcoming Shibarium scaling solution might also be a factor providing additional support for SHIB’s future growth prospects .

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