Cryptocurrency prices have moved in sync in the past few days. After dropping sharply on May 12th, they have all risen by above 10%. Shiba Inu price is now trading at $0.000012, which is about 38% above the lowest level this month. Its market cap has risen to more than $6.6 billion, making it the 16th biggest coin.
Shiba Inu has been moving sideways as the hype surrounding the cryptocurrency fades. At its peak, SHIB was once one of the most popular coins. The price also did well as investors cheered its shift from a mere meme coin to one with a strong utility. For example, the developers launched the ShibaSwap ecosystem, which is a DeFi platform. ShibaSwap had a total value locked (TVL) of about $130 million at its peak. Today, the network’s TVL has declined to about $46 million.
Shiba Inu developers also launched other products, such as an NFT marketplace known as Shiboshis. While it was a success in its early days, its demand has waned. Therefore, there are concerns about Shiba Inu and whether it will continue attracting its hype. In a recent survey by Finder, most members of the panel predicted that the coin will be worthless in the coming years.
Shiba Inu price prediction
On the 4H chart, we see that the Shiba Inu price has been in a consolidation phase in the past few days. Last week, the coin found a strong support at $0.000011. It struggled from moving below this point last year.
Now, the coin has managed to move above the descending trendline shown in green. In addition, the coin has moved above the dots of the Parabolic SAR while the volume oscillator has moved above the neutral level. Therefore, while the situation is still challenging, I suspect the coin will keep rising in the coming days. If this happens, the next key reference level will be at $0.000014. The stop-loss of this view will be at $0.000011.