The Shiba Inu Ecosystem is one of the most robust foundations on which a cryptocurrency can be built. The token trades at $0.00001305, up 0.90% in the last 24 hours. The token is also under strict speculation, with analysts forecasting a bullish future for SHIB.
However, the traders are nevertheless reluctant and wonder whether they should hold or sell their SHIB. Here’s what the current Shiba Inu sentiment says about the token, which may ease some pressure off the investor’s back.
Shiba Inu Sentiment: Should Investors Hold Or Sell?
Shiba Inu Sentiment Analysis
The Shiba Inu sentiment plays a crucial role in determining the token’s future. It may come in handy when investors look forward to solving a dilemma that compels them to either hold or sell their SHIB.
According to CoinCodex. The Shiba Inu sentiment points towards bearish timelines, meaning they should sell the asset as soon as possible before it tanks to lower levels.
“The current Shiba Inu sentiment is bearish according to our technical analysis. The majority of technical indicators are showing sell.”
Fear And Greed Index
Similarly, the token’s fear and greed index also projects a “fear”-stricken zone, with its index stable at 26. This means that the asset is basking under low price levels, which may compel investors to sell it at an immediate pace.
“Currently, the Shiba Inu Fear & Greed Index stands at 26, which means that investors’ sentiment is in the so-called fear zone.”
Is SHIB A Good Buy For 2024?
The technical platform CoinCodex also predicts and analyzes whether SHIB will be a lucrative buy for investors in 2024.
CC shared that the technical indicators point to a bearish stance, indicating that SHIB should not be purchased in 2024.
“Based on multiple technical quantitative indicators, the current forecast for Shiba Inu in 2024 is bearish. This could be an indication that Shiba Inu is a bad buy in 2024. However, it’s important to consider both technical factors (price history) and fundamental factors (on-chain activity and development) before making the decision to buy Shiba Inu or not.”
A Ray of Light—Will The Token Rally Sometime Soon?
The cryptocurrency analytics platform later shared a new analysis that may give some respite to SHIB investors. According to CoinCodex, SHIB may surge to hit $0.0005684 by April 2025, which may help investors avail higher returns on their purchases.
However, the token analysis platform and its hypotheses are subject to change with every market shift. Hence, a user must conduct their research before making any investment-related decisions.
