Shiba Inu (SHIB) Price Forecast: Another $2.4B Signal Appears after 150% Rally 

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Shiba Inu (SHIB) price hit a 2-year peak of $0.024 on Sunday March 2, before retracing towards $0.22. However, curtailed selling pressure among SHIB traders signals widespread bullish conviction and resilient intent to hold out for a rebound phase. 

Is Shiba Inu price poised for another 35% rally towards the next milestone at $0.00003? 

SHIB Bulls Refrain from Selling Amid 9% Price Pullback

After trailing the likes of PEPE and BONK in the past week, Shiba Inu finally burst to the forefront of the memecoin market rally on March 2, when SHIB prices soared to $0.000024, the highest since April 28, 2022. 

After a week-long 150% rally from Feb 26, SHIB price eventually rejected at the $0.000025 resistance on March 3.  At press time on SHIB price had retraced 9% towards the $0.000022 area. 

But interestingly, on-chain data trends show that the majority of current SHIB holders have kept up a bullish outlook amid the price retracement.

Indicatively, Santiment chart below shows SHIB trading volume, which had risen to a 3-year peak of $6.4 billion on March 2 has down dipped to $3.9 billion. 

Shiba Inu (SHIB) Daily Trading Volume vs. Price | March 3, 2024 | Source: Santiment

Effectively, the chart above shows that SHIB trading volume is down by $2.4 million compared to recent market peak. 

Typically. when trading volume declines faster compared to the pace of an asset’s price decline, savvy investors may interpret as a sign of strong underlying confidence. 

Within the current circumstances, SHIB volume has now dropped by 38% in the last 24 hours. But notably, Shiba Inu price has only declined by 9% during that period. 

In effect, this $2.4 billion decline in SHIB trading volume could be an indicator that existing investors are cutting back on trading at the current prices, instead holding out for a swift rebound phase in the coming week.  

Additionally, key fundamental catalysts, such as the positive sentiment surrounding DOGE-themed memecoins as well as rapid increase in Shiba Inu burn rate also further reinforce the optimistic Shiba Inu price forecast for the coming week.

Shiba Inu Price Forecast: Bulls to Defend $0.000020 Fiercely 

The curtailed selling pressure observed in the markets this week puts SHIB in prime position to avoid further downswing below $0.000020. 

A successful consolidation above that key area could see the bulls advance another 50% towards the next milestone price at $0.00003. 

Shiba Inu (SHIB) Price Forecast, March, 2024 | Source: TradingView

However, the upper Bollinger band indicator shows that in the case of a major bearish reversal, the SHIB bulls could mount a support buy-wall at $0.000019.

But if the support level gives way, SHIB price could enter a major drop-off toward $0.000015.

This article was originally posted on FX Empire

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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