Shiba Inu’s Price Trails Behind PEPE and BONK Despite Recent Gains
Shiba Inu’s price has reached a peak of $0.000015 on February 29, experiencing a 55% increase in the last four days. However, when compared to other memecoins like PEPE and BONK, Shiba Inu’s price still falls behind. This article explores the potential of Shiba Inu catching up with the rest of the market in March 2024.
The Crypto Market Rally Shifts Towards Memecoins
At the beginning of February, investors primarily focused on Bitcoin, Ethereum, and Layer-1 projects. However, as the crypto market rally gained momentum, capital inflows shifted towards memecoins. Between February 25 and 29, several memecoin projects saw significant growth in market cap. BONK and PEPE emerged as the top gainers, while Shiba Inu’s price struggled to keep up with the sector’s average performance.
The chart provided in the article demonstrates that Shiba Inu’s price did experience a 55% increase during this period. However, when compared to PEPE’s 172% increase and BONK’s 106% increase, SHIB appears to be underperforming.
During significant breakouts in a sector, strategic investors often seek opportunities in assets that are lagging behind the market average. This positions Shiba Inu’s SHIB token as a potential target for capital inflows in the coming weeks.
Derivatives Traders Speculate on SHIB Price Upside
Data trends in the Shiba Inu derivatives markets support a bullish outlook for SHIB price. The open interest for SHIB has increased by 72%, reaching $38 billion in February. This surge in open interest surpasses the 65% increase in prices, indicating that SHIB’s price may be undervalued.
The high level of open interest suggests that there is room for further appreciation in SHIB’s price as more funds flow into the derivatives markets.
SHIB Price Forecast: Targeting $0.00002
Based on market data trends, SHIB’s price appears undervalued compared to other mega-cap memecoins and the level of participation in derivatives markets. If investors take a bullish stance based on these market dynamics, SHIB’s price could see further growth towards $0.00002.
The Bollinger Band technical indicator also supports this bullish outlook. With SHIB’s price currently at a new peak of $0.000013, breaking above the upper band indicates that bulls are now in control. A move above $0.00002 could be possible if Shiba Inu’s price aims to catch up with PEPE and BONK.
On the other hand, if SHIB’s price falls below $0.000009, it could invalidate this bullish forecast. However, there is significant support at the 20-day Simple Moving Average price band at $0.00001, as indicated by the buy-wall.
Hot Take: Shiba Inu Poised for Growth
Shiba Inu has experienced significant gains recently, but it still trails behind other memecoins like PEPE and BONK. However, market data trends and derivatives trading suggest that SHIB’s price is undervalued and has potential for further growth.
If investors continue to show enthusiasm for memecoins and take advantage of opportunities in assets underperforming the market average, Shiba Inu’s SHIB token could attract more capital inflows. The target price of $0.00002 is within reach if SHIB can catch up with its competitors.
With the support of the Bollinger Band indicator and the buy-wall at $0.00001, there is a positive outlook for SHIB’s price. However, it’s important to monitor market conditions and the performance of other memecoins to assess the potential for further growth.
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