The Shiba Inu (SHIB) price has retraced approximately 50% of its 2024 uptrend, now underperforming new low cap meme coins in March – although the second largest meme coin is still up 170% year to date.
Marginally in the green to open the week – while rival Dogwifhat (WIF) pumps by double digits – is this a dead cat bounce? Will the SHIB price dip lower as traders pivot to newer tokens?
Shiba Inu Price Predictions
One school of thought is to bet on strength – echoed this week by one of the longest active crypto Twitter accounts, @Crypto_Chase (formerly Chase_NL).
Crypto Chase
Chase has built up 150,000 followers since 2011 and doesn’t see ‘much point in keeping an eye on $DOGE, $SHIB, $BONK‘ with new meme coins like $WIF being the ‘top performer for longs’ with the cleanest price action.
Among the high cap meme coins he’s also watching $PEPE.
$WIF has proven itself to be the best performer of the high cap memes during this uptrend. I personally don't see much point in keeping an eye on $DOGE, $SHIB, $BONK, etc.
If you're looking for the cleanest PA and the top performer for longs, it's WIF. 2nd place goes to $PEPE.
— Crypto Chase (@Crypto_Chase) March 15, 2024
Both $WIF and $PEPE – which turns one years old next month – today have a market cap of just over $3 billion, the #3 and #4 ranked meme coins.
That potentially gives them room to grow to catch up to Shiba Inu’s $16 billion market capitalization and Dogecoin’s $21 billion.
Dyme
Popular trader Dyme (@CryptoParadyme) posted a bullish Shiba Inu price prediction for his 50k followers today.
He marked out the 651 day accumulation range the Shiba Inu price traded in from Q2 2022 to early 2024, and its breakout above the $0.00002 region.
in hindsight, it was really obvious. but waiting for that range must have been painful $SHIB
probably higher because retardio pic.twitter.com/HcNouu6OUk
— Dyme (@CryptoParadyme) March 17, 2024
His ‘probably higher’ prediction, given the bullish market sentiment around meme coins is the 1.618 Fib at $0.000049.
If that prediction plays out, it’d mark a 1.75x move from the SHIB price today at $0.000028.
Jacob Bury
YouTube and Discord crypto analyst Jacob Bury had $0.000023 marked out as a ‘critical’ support level and noted the RSI on the four hour chart was oversold in a video posted yesterday.
At the time he didn’t see the bearish Shiba Inu price action and ‘capitulation’ to a $14.3 billion market cap as a reason to ‘panic’.
If the Shiba Inu price history repeats, its dip into oversold territory could mark a local bottom and just be a ‘shakeout’ with the daily RSI still strong.
As a low market cap Shiba Inu alternative, he also highlighted the Dogecoin20 (DOGE20) presale which is rapidly selling out, today hitting $2 million raised.
Is Shiba Inu Dead?
Shiba Inu has dropped out of CoinMarketCap’s top fifteen trending token rankings, with brand new Solana meme coin listing Book Of Meme (BOME) taking the top spot.
Dogwifhat and Smog are also in the top crypto gainers today, opening the week with a stronger performance than SHIB.
Whether interest in Shiba Inu is dying or this week’s price crash was a simple retest of its almost two year range breakout remains to be seen in the coming days, if SHIB continues to close high timeframe candles above the $0.000022 level.
Tradingview currently rates SHIB a sell on the four hour timeframe but a buy on the daily and weekly timeframe, plus a strong buy on the monthly.
