Shiba Inu Price Prediction – Is SHIB About to Surge Again?
Shiba Inu (SHIB) has started the week positively, in line with the broader crypto market. As the crypto asset displays improving fundamentals, what are the chances that its price could be on the upsurge again?
SHIB Price Action
SHIB currently trades at $0.0000104, up 0.97% in the past 24 hours. This price performance is in line with the broader markets, which have seen moderate gains today, up 1.1% overall.
SHIB’s technicals are also quite strong. The token is trading above its major moving average (MA) indicators; its 200-day MA stands at $0.0000103. SHIB’s positive moving average convergence divergence (MACD) indicates a buy signal, and its relative strength index (RSI) also demonstrates that it isn’t overbought.
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Shiba Eternity Continues Its Dominant Run
One of the biggest catalysts of growth for SHIB at the moment is the Shiba Eternity game. The Web3 play-to-earn gaming platform debuted a few weeks ago and has since risen in the app store rankings.
According to reports, Shiba Eternity has amassed over 100,000 downloads on the Google Play Store. The game has a rating of 4.7 stars from 11,500 reviews, becoming one of the most popular games on the Android app marketplace.
Shiba Eternity proponents believe it could help spur greater adoption of Shiba Inu.
Impressive Growth for SHIB Holders
Another major bullish catalyst for SHIB is its continued rising investor demand. Reports suggest that the number of SHIB holders stands at 1,223,516, a 9% increase from the 1,114,483 holders reported in January.
An increase in holders is a bullish signal for most assets. It indicates that the market is still fundamentally healthy and presents a strong case for a significant rally when the bearish sentiment erodes.
With the growth of SHIB’s use cases thanks to Shiba Eternity and other developments, it appears that the asset has a strong fundamental base to support a price surge.
Market Dynamics Still Dicey
That said, investors should remain cautious of the current market situation. The US Federal Reserve published its consumer price index (CPI) report last week, confirming that inflation for September increased by 0.4%. This report immediately sent a shockwave to the market, causing the global markets to retrace.
The high CPI numbers will likely give the Fed an additional reason to raise interest rates in November, meaning the market’s bearish momentum could continue in the short term. So investors looking to invest in cryptocurrencies should do so with the long view in mind.
IMPT - New Asset with Massive Potential
Nevertheless, there are still opportunities in the crypto market. IMPT, the native token for Impact Project, is one asset garnering significant investor attention.
Impact Project is a blockchain-based platform that allows investors to buy carbon credits. The service is at the forefront of blockchain’s fight against climate change, and its IMPT token powers all of its operations.
The asset is currently available on presale at $0.018 per token but will be increasing to $0.023 in the next stage of the sale.
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