Shiba Inu Coin Price Analysis: SHIB to Lead Next Altcoin Season?

The Shiba Inu coin price has shown signs of strength by avoiding lower lows last week. On February 24 2022, the crypto market plummeted along with traditional markets on news of turbulence from Europe. However, while most cryptocurrencies dipped to fresh lows, the Shiba coin price bounced from a higher low of $0.00002071. This move has given investors confidence to aim for higher SHIB prices in the coming months.

Latest Shiba Inu Coin News

SHIB is an ERC-20 token running on the Ethereum network. The team launched Shibaswap Dex in July 2021. The DEX Shibaswap is currently boasting a total locked value (TVL) of $241 million as per Dapp Radar. According to the latest Shiba Inu coin news, the team also has plans to enter Metaverse. In addition, the launch of Doggy DAO is also being anticipated in near future.

Shiba Inu coin price is currently trading at $0.00002663, which is still %69 down than October 2021 ATH of 0.00008616. While most of the memecoin prices have depreciated by more than 90%, the Shiba coin has shown some strength. Shiba coin was one of the most hyped memecoins of 2021, and it even briefly surpassed Dogecoin in market cap.

Shiba Inu Coin Price Prediction

Although SHIB is still 69% down from its October ATH, the price has started to break out of a downtrend. If the price retests the trendline successfully, then the Shiba Inu coin prediction for this year will be bullish. The first target for the bulls will be the $0.00004447 price region which is also a 0.38 Fib level. This Fib level comes into play by connecting October highs of $0.000086 to the January lows of $0.000017. However, for this to happen, SHIB price must reclaim the $0.000034 level by making a higher high.

If Bitcoin price makes another ATH this year, Shiba coin price may reach as high as $0.00006358. This price target coincides with the 0.618-0.65 Fib region drawn from October 2021 highs to January 2022 lows. Another all-time high for the Shiba Inu coin seems highly unlikely this year. Shiba Coin is already boasting a market cap of $14.5 billion.

SHIB Price Chart

SHIB Price Chart (Daily)