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Shiba Inu Coin price prediction: SHIB delicately balances below $0.9 amid mixed signals in the larger crypto market.Majors like [Bitcoin (BTC)](https://coingape.com/markets/is-bitcoin-price-poised-to-double-in-value-as-spot-etf-net-daily-inflow-leaps-to-68m/) and [Ethereum (ETH)](https://coingape.com/ethereum-worth-1-billion-moved-to-cold-storage-eth-price-rally-ahead/) are cautiously consolidating, implying that a breakout to either side is possible if buyers and sellers resolve the stalemate.The self-proclaimed “Dogecoin killer,” Shiba Inu, has captured the attention of many investors, but its future potential remains a hot topic.The big question: is it a worthwhile investment, or are there other opportunities for big gains in 2024? Shiba Inu Coin Price Prediction: What’s Holding SHIB Rally Back As the second-largest meme coin, Shiba Inu commands a big community of members who refer to themselves as the SHIB Army.During the previous bull run, many early investors saw incredible returns, with [SHIB price](https://www.coingecko.com/en/coins/shiba-inu) rising to a 2021 peak of $0.000086.

Despite the shattering drop from the all-time high to $0.88, investors are hopeful that Shiba Inu can regain its glory as the star meme coin.However, trendline resistance as shown in the four-hour chart continues to limit price movement, leaving Shiba Inu with no choice but to drop to lower levels in search of liquidity.Read also: [Cryptocurrency: Monero (XMR) Bleeding, Dymension (DYM) Poised To Rally After Binance Listing](https://coingape.com/markets/cryptocurrency-monero-xmr-bleeding-dymension-dym-poised-to-rally-after-binance-listing/) Based on the Bollinger bands technical indicator, Shiba Inu is gradually moving towards a breakout.If support at $0.000087 holds steady, it could compel traders to start buying SHIB speculating a price increase past $0.00001.A successful climb above the trend line resistance (the black line on the chart) would be the most robust confirmation of the anticipated rally.

However, until then, consider SHIB a relatively calm token between resistance at $0.00001 and support at $0.85.Factors That Could Drive Shiba Inu Price Run In 2024 The Shiba Inu ecosystem believes the meme coin frenzy is strong enough to bolster the next bull run.However, with more meme coins launching in the market, the hype may not be a solid reason to buy SHIB at the moment.

However, the ecosystem continues to support the token burn program, which has so far set ablaze 410 trillion SHIB tokens.With the launch of Shibarium, an Ethereum layer 2 solutions provider dedicated to the Shiba Inu ecosystem, the burn rate is expected to increase.[Shiba Inu](https://coingape.com/shiba-inu-burn-rate-soars-1400-as-61-mln-shib-erased/) is experiencing delays in the implementation of the token burn mechanism on Shibarium.However, once the process begins, more tokens will be purged from the circulating supply which will possibly create a suitable environment for a price rally.

The upcoming [Bitcoin halving](https://coingape.com/halving/bitcoin-halving/) is another factor likely to impact the Shiba Inu price rally.Although not directly linked to SHIB, halving has a history of blasting Bitcoin price to new peak records, and generally triggering a bull run among altcoins.Related Articles [HONK Price Prediction As New CEX Listing Sparks Rally Beyond $0.3 All-Time High](https://coingape.com/markets/honk-price-prediction-as-cex-listing-rally-0-3/) [Terra Classic (LUNC) Price Prediction: Is $0.0002 Achievable by End of February Amid Market Fluctuations?](https://coingape.com/markets/terra-classic-lunc-price-prediction-is-0-0002-achievable-by-end-of-february-amid-market-fluctuations/) [Cryptocurrency: Monero (XMR) Bleeding, Dymension (DYM) Poised To Rally After Binance Listing](https://coingape.com/markets/cryptocurrency-monero-xmr-bleeding-dymension-dym-poised-to-rally-after-binance-listing/) [TRX Price Correction Looms Despite Positive Network Reports](https://coingape.com/trx-price-correction-looms-despite-positive-network-reports/?utm_source=priceanalysisbar) [SOL Outage: Fix Released For Validator Operators To Restart Network](https://coingape.com/solana-outage-fix-released-for-validator-operators-to-restart-network/?utm_source=priceanalysisbar) [Solana Down: What’s the Reason Behind Recurrent Outages](https://coingape.com/solana-down-whats-the-reason-behind-recurrent-outages/?utm_source=priceanalysisbar) [Binance Unveils Dymension (DYM) Listing, Will Price Rally?](https://coingape.com/binance-unveils-dymension-dym-listing-will-price-rally/?utm_source=priceanalysisbar) [Oasys Expands Gaming Ecosystem With Addition Of NFT Platform X2Y2 Pro](https://coingape.com/oasys-expands-gaming-ecosystem-with-addition-of-nft-platform-x2y2-pro/?utm_source=priceanalysisbar) [Shiba Inu Coin Price Prediction: Is SHIB A Good Investment In 2024?](https://coingape.com/markets/shiba-inu-coin-price-prediction-is-shib-a-good-investment-in-2024/?utm_source=priceanalysisbar) [HONK Price Prediction As New CEX Listing Sparks Rally Beyond $0.3 All-Time High](https://coingape.com/markets/honk-price-prediction-as-cex-listing-rally-0-3/?utm_source=priceanalysisbar) [Terra Classic (LUNC) Price Prediction: Is $0.0002 Achievable by End of February Amid Market Fluctuations?](https://coingape.com/markets/terra-classic-lunc-price-prediction-is-0-0002-achievable-by-end-of-february-amid-market-fluctuations/?utm_source=priceanalysisbar) [Cryptocurrency: Monero (XMR) Bleeding, Dymension (DYM) Poised To Rally After Binance Listing](https://coingape.com/markets/cryptocurrency-monero-xmr-bleeding-dymension-dym-poised-to-rally-after-binance-listing/?utm_source=priceanalysisbar) [Dogecoin Price Prediction: Will $DOGE Surpass $0.1 Barrier in February?](https://coingape.com/markets/dogecoin-price-prediction-will-doge-0-1-in-february/?utm_source=priceanalysisbar).