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Shiba Inu’s journey in 2023 marked a significant turnaround, overcoming a downward trend from the previous year. This resurgence is largely credited to the much-anticipated launch of Shibarium. As of the latest <a href="https://coinmarketcap.com/currencies/shiba-inu/" rel="noopener noreferrer nofollow">data</a> from the Coin market cap, the SHIB token is trading at $0.00001066, with a slight surge of 0.46%, indicating a bullish trend.
Unveiled at the Blockchain Futurists Conference in Toronto, Shibarium, a layer 2 scaling solution built on Ethereum, has expanded Shiba Inu’s utility beyond its meme coin origins. The platform now facilitates NFT, gaming, and metaverse applications, with over 7.8 million <a href="https://www.shibariumscan.io/" rel="noopener noreferrer nofollow">transactions</a> daily and 1.3 million unique wallet addresses.
<h2 id="span-style-font-weight-400-analyst-austin-hilton-s-conservative-prediction-for-2024-span">Analyst Austin Hilton’s Conservative Prediction for 2024</h2>
Amidst these developments, In a recent <a href="https://youtu.be/q7lND9SPVWI?si=SBCiPzWmy59oO2HM" rel="noopener noreferrer nofollow">video</a> by analyst Austin Hilton has set a conservative price target of $0.0000417 for Shiba Inu by January 2024, based on current market trends. However, Hilton suggests that this forecast may be modest, especially if a spot <a href="https://coingape.com/bloomberg-analyst-corrects-crucial-spot-bitcoin-etf-misconception/" rel="noopener noreferrer nofollow">BTC ETF </a>gains approval in the US by January 10. Such an event could lead to a significant influx of both institutional and retail capital into the crypto market, potentially propelling SHIB’s value beyond Hilton’s initial estimate.
<h2 id="span-style-font-weight-400-technical-indicators-and-market-sentiment-span">Technical Indicators and Market Sentiment</h2>
The next rejection level to watch is $0.00001500, which, if broken, might pave the path for the <a href="https://coingape.com/price/shiba-inu/" rel="noopener noreferrer nofollow">Shiba Inu price</a>&nbsp;to hit $0.150. This would be a huge achievement for the Shiba Inu token, which has defied predictions in recent months. If the bears take control, a support level around $0.00000900,&nbsp; could provide stability before another possible push toward the crucial resistance level.
<figure id="attachment_171628" aria-describedby="caption-attachment-171628" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="wp-image-171628 size-full" src="https://coingape.com/wp-content/uploads/2023/12/Screenshot_3.png" alt="Shiba Inu " width="1245" height="478" srcset="https://coingape.com/wp-content/uploads/2023/12/Screenshot_3.png 1245w, https://coingape.com/wp-content/uploads/2023/12/Screenshot_3-300x115.png 300w, https://coingape.com/wp-content/uploads/2023/12/Screenshot_3-1224x470.png 1224w, https://coingape.com/wp-content/uploads/2023/12/Screenshot_3-768x295.png 768w, https://coingape.com/wp-content/uploads/2023/12/Screenshot_3-150x58.png 150w" sizes="(max-width: 1245px) 100vw, 1245px">
 <figcaption id="caption-attachment-171628" class="wp-caption-text">
 SHIB/USD 24-hour price chart, Source: Tradingview
 </figcaption>
</figure>
Shiba Inu maintained a strong position above the 20-day <a href="https://coingape.com/education/exponential-moving-average-how-to-leverage-it-in-crypto-market/" rel="noopener noreferrer nofollow">EMA</a> on the daily chart. The asset’s resistance remains neutral at the 55 level. The possibility of the RSI breaking above 70 if bullish trends continue. Concurrently, the MACD indicator signals positive momentum. Both the MACD and Signal lines are above the zero line, reinforcing the optimistic market sentiment.
<h2 id="span-style-font-weight-400-meme-kombat-a-rising-star-alongside-shib-span">Meme Kombat: A Rising Star Alongside SHIB</h2>
Adding to the meme coin narrative, a new entrant, Meme Kombat (MK), is garnering attention. Analysts and enthusiasts alike are backing MK to <a href="https://memekombat.io/" rel="noopener noreferrer nofollow">experience</a> a surge parallel to Shiba Inu’s growth. This budding interest in MK highlights the expanding diversity and enthusiasm in the meme coin sector.
Read Also:&nbsp;
<a href="https://coingape.com/markets/shiba-inu-price-prediction-as-shib-edge-close-to-35-rally/" rel="noopener noreferrer nofollow">SHIB Price Prediction As $SHIB Edge Close to a 35% Breakout Rally</a>
<a href="https://coingape.com/markets/shiba-inu-price-prediction-will-shib-breach-1-in-the-next-crypto-blastoff/" rel="noopener noreferrer nofollow">Shiba Inu Price Prediction: Will SHIB Breach $1 in the Next Crypto Blastoff?</a>
<a href="https://coingape.com/markets/shiba-inu-price-prediction-shib-rally-targets-1-as-coinm%D0%B5rg%D0%B5-bets-big-on-shibarium/" rel="noopener noreferrer nofollow">SHIB Price Prediction: SHIB Rally Targets $1 As CoinMеrgе Bets Big On Shibarium</a>
The post <a href="https://coingape.com/shiba-inu-to-hit-0-0000417-amid-bullish-market-trends/" rel="noopener noreferrer nofollow">Shiba Inu Price Predicted to Hit $0.0000417 Amid Bullish Market Trends</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Shiba Inu Price Predicted to Hit $0.0000417 Amid Bullish Market Trends

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