Shiba Inu Price Prediction: Rapper Meek Mill intends to buy SHIB, crypto getting closer to a 50% rebound

TL;DR Breakdown

• Shiba Inu price prediction highlights the formation of a new symmetrical pattern on the 4-hour price chart.
• Shiba Inu’s price recent price movement suggests the crypto is about to undertake a significant bull run.
• SHIB will likely turn green if the crypto market stabilizes, but traders are advised to wait for it to happen.

The US hip hop industry and the crypto market continue to complement each other with each passing day. Recently, famous rapper and businessman Meek Mill announced plans to increase his crypto holdings with Shiba Inu. The announcement came shortly after Meek bought Dogecoin and Bitcoin.

Shiba Inu Price Prediction: General price overview

At present, it seems several celebrities are getting wind of the popularity of skyrocketing dog-themed tokens, led by Dogecoin and Shiba Inu. Recently, Robert Williams, better known by his rapper name Meek Mill, indicated his intentions to buy the SHIB crypto token. The rapper stated, “Am about to purchase some Shiba Inu tokens,” through his Twitter handle. The news appears to have had a positive effect on the cryptocurrency as it recorded an impressive 26 percent price surge in the last 24-hours despite the bleeding market.

Apart from Meek, other notable personalities have shown interest in dog-themed cryptos. Snoop Dog, Eminem, and Solja Boy are famous rappers investing their money into meme-themed crypto assets such as the Shiba Inu.

Shiba Inu price movement in the past 24 hours

Since registering its $0.00003999 high on May 10, Shiba Inu has been on a downward trend that has seen it losing its value by about 80 percent. However, the recent market price of the crypto coin happens to be more than the May 19 low of $0.00000607, indicating SHIB is still bullish. At the time of writing, the Shiba Inu is exchanging hands at around $0.00001101.

In looking at the recent price movement of the dog-themed crypto-asset, it is evident that a symmetrical triangle channel is forming on the 12-hour price chart. Usually, a symmetrical triangle channel forms whenever there is a trend of continuation patterns. These continuation patterns form when a token registers at least 2 swing highs and 2 swing lows. When the trend lines connect, they merge as they extend, hence forming a symmetrical pattern.

In the case of Shiba Inu, the crypto has formed a symmetrical triangle since the market crash on May 19. Since the market crash, the crypto has formed 3 significant lows and 3 significant highs, and at present, the Shiba Inu is attempting to gather bullish momentum. Based on calculations relating to the pattern, Shiba Inu appears to be preparing for a major bull run that will push it towards a 50 percent price gain. This will see it settling at around $0.00001338.

Shiba Inu 4-hour chart

According to key technical indicators on the 4-hour chart, Shiba Inu’s bullish picture is likely to push the crypto past the 40 4-hour Simple Moving Average at around $0.0000112. Additionally, the 50 percent price gain would see a Shiba Inu move beyond the 23.6 percent fib retracement level at around $0.00001325.

Conclusion

Although the crypto coin is painting a bullish picture, it is worth keeping in mind that upside price movements tend to be more prone to failure. Hence it is important to consider downward price movements. If a price decline occurs, the crypto coin will likely lose 58 percent of its value to settle around the $0.00000287 price range.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Source: https://www.cryptopolitan.com/shiba-inu-price-prediction-2021-05-24/