Meme coin SHIBA INU (SHIB) saw a slight 0.03% decline over the past 24 hours to $0.00000783. SHIB's market capitalization stands at $4.64 billion, with $77.62 million worth of SHIB trading volume in the past day.
Looking at the 1-hour timeframe, SHIB dipped -0.36%, indicating some immediate selling pressure. However, zooming out shows SHIB is up 0.29% over the past week. The monthly gain stands at 3.00%, but SHIB is still down -33.31% in the last 6 months.
What's Next for SHIB - Continued Declines or Strong Rebound?
Given SHIB's largely rangebound price action recently, it may continue consolidation around current levels in the near-term. Strong support exists around $0.0000070, with a breakdown below that potentially signaling a drop towards 2022 lows near $0.0000050.
However, speculation and hype-driven rallies cannot be ruled out for SHIB given its fervent community and past price spikes. Any renewed interest from influencers could provide upside fuel. But fundamental drivers remain lacking compared to other cryptos.
How Should Traders and Investors Approach SHIB Now?
With unclear directional bias, traders should wait for a breakout above $0.0000085 or breakdown below $0.0000075 before taking positions. Options strategies can help hedge risks.
Long-term holders should limit SHIB exposure to a small portion of their portfolio - 1% or less. Periodic rebalancing is prudent. New buyers could dollar-cost average, but should implement strict stop-losses in case the downtrend continues.
Overall, caution is warranted on the highly speculative SHIB in the near-term. But its past price spikes make it an intriguing momentum play for risk-tolerant traders and investors. Proper risk management remains essential.
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