SHIB down 2.5% in the last 24 hours

Today the SHIB token fell to $0.00002394marking a decline of 2.5% while the entire cryptocurrency market fell by 0.5% in the last 24 hours.

Although cryptocurrency Shiba Inu rose by 1.5% in the last week, fell by 6% in the last fortnight, after a decline from 6 to 13 May from which it has not yet recovered. However, the ever-popular memecoin remains up 4.5% in a week and 175% over the past year, giving it strong medium- and long-term momentum.

This could mean that now is the right time to buy the token on the downside, as the price of Shiba Inu likely will soon reach a new peak.

Shiba Inu Price Forecast: SHIB Drops 2.5% in 24 Hours – Is It Time to Buy?

After a decline that occurred overnight, SHIB it has regained some momentum this morning, although it has stopped rising in the last two hours.

Its relative strength index (purple line) has recovered to 50, after falling below 30, a sign that some buyers have already bought the dip.

At the same time, the 30-day average of SHIB (orange line) appears poised to fall below its 200-day average (blue line), which could portend further declines in the short term.

However, the recovery of the last two hours could help it avoid this fate, and the memecoin could start growing again very soon.

What’s interesting is that the support levels (green Line) and resistance (Red line) of the token are sliding towards each other, which usually predicts a big move.

This could go both ways, especially with the relatively low volume of SHIB – $300 million today – which makes the currency more vulnerable to volatility.

As the tweet above indicates, whales have sold SHIB in recent days, undermining the sense that we are currently in an accumulation phase.

However, given that memecoin has dropped quite a bit over the past couple of weeks, it seems like it’s time to make a comeback.

The SHIB memecoin could catch up $0.000025 in the coming weeks, and its long-term prospects largely depend on the trajectory of the overall market.

For example, if the Fed cuts rates later in the year, the market will react accordingly, with prices rising across the board.

This will include the price of Shiba Inu, which will also benefit from the fundamentals of SHIB as a pledge.

Such fundamentals stem from Shiba Inu’s recent efforts to increase its utility, including the launch of Shibarium last year and the upcoming launch of a third level network focused on privacy.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

An alternative memecoin for above-market returns

Traders looking for alternatives to SHIB they would do well to take a look at one of the latest meme tokens that are attracting investor attention right now.

A great example is Dogeverse (DOGEVERSE)a new multi-chain memecoin that raised more than $15 million in its pre-sale.

The project Dogeverse was able to raise so much money in such a short time thanks to its strong tokenomics and fundamentals, with the token poised to become the first DOGE-themed multi-chain memecoin.

As such, it will run on Ethereum and will be connected to Polygon, BNB Chain, Solana, Avalanche, and Base.

Its presence on more chains will mean it will potentially gain a broader application than it would otherwise have, gaining traction across more applications and platforms.

His too tokenomics is optimistic: the coin has a hard cap of 120 million, which means that increased demand will make it deflationary.

Additionally, holders will also be able to stake i DOGEVERSE token to obtain passive income, which would lead to further deflation as a large portion of the token supply exits circulation.

Investors still have little time to participate in the presale before it ends, just connect to the official Dogeverse website, where the DOGEVERSE token are available at the unit price of $0.00031.

This is the final pre-sale price, but the memecoin is ready to rise as soon as it is listed on cryptocurrency exchanges.

Cryptocurrencies are highly volatile and unregulated. No consumer protection. A profit tax may apply.

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