Shiba Inu Price Prediction Can SHIB recover and reach new all-time highs?

Market sentiment appears to be at a critical juncture for Shiba Inu, providing potential risks and opportunities for investors. Trends in major cryptocurrencies such as Bitcoin and Ethereum often have a significant impact on the entire cryptocurrency market.
Sentiment across the cryptocurrency market has been relatively subdued at the moment, with Bitcoin in particular having recently fallen to a one-month low.
During periods of volatility or declines in these major assets, altcoins like $SHIB may struggle to gain momentum. This article will explore the $SHIB price prediction and assess its potential to achieve new all-time highs.
$SHIB's Oversold Conditions and Surging Burn Rate - A Bullish Indicator?
Shiba Inu has seen a significant increase in its daily burn rate, with over 16.7 million $SHIB tokens burned in the past 24 hours, a gain of 139%. Despite this large increase, the price of $SHIB has only moved slightly during this period.
As of June 23, the Shiba Inu price was $0.0000177 with a 24-hour trading volume of $125.98 million, down 1.68% in the past 24 hours. Recently, the Shiba Inu market cap has dropped from $16 billion to about $10 billion, indicating a decrease in market activity and lower retail participation.
The current market is characterized by low volume and a lack of excitement, which has led to stagnant price action. However, the recent decline and oversold conditions suggest a possible bottoming phase that could hint at accumulation opportunities.
Furthermore, a bullish signal is emerging – a recovery towards the 0.00018 level, coupled with a low relative strength index (RSI) of 28 on the daily chart. Such RSI levels seen in the past are usually followed by large price recoveries. The market is closely watching the price of $SHIB for signs of a potential breakout.
For a more detailed Shiba Inu price prediction analysis, watch the video above and subscribe to his YouTube channel. Jacob Bury also runs a Discord channel with 26,000 members where he shares trading tips and insights about upcoming cryptocurrency presales.
in conclusion
Given current market conditions and Shiba Inu's recent performance, it is uncertain whether $SHIB will reach new all-time highs anytime soon; however, if it can capitalize on the recent burn rate increase and overcome the current market stagnation, significant price recovery potential could exist.
Despite the cryptocurrency market’s decline, it’s an exciting time for investors and they can explore opportunities by checking out our guide to the best cryptocurrencies to buy.