We forecast that September 2024 will be volatile for cryptocurrencies. Therefore, top meme coins like Shiba Inu Coin (SHIB) will be neutral to slightly bearish. This may present opportunities for the buy the dip strategies.
RELATED – Shiba Inu Coin (SHIB) Price Prediction
The meme coin excitement from earlier this year is now making place for realism, even skepticism.
Still, the cash tag $SHIB remains very popular. This is understandable as SHIB has not only a loyal follower base but also a very nice chart.
Crypto markets: Dominant dynamics
On the flipside of the excitement experienced in crypto markets, up until recently, are a few developments that may impact crypto markets negatively in the short term:
- Trading volume has come down significantly. This always is a testament of a lack of buying interest. It is also a pre-requisite before buying interest kicks ins.
- Price analysis – leading indicator BTC does not have a bullish setup, not yet (its chart may turn into a bullish reversal later this year).
- Time analysis – leading indicator BTC does not have a bullish time window in September (the earliest may be mid-October). Reasons are outlined in this crypto timeline analysis post on our Linkedin.
With that in mind, we believe that SHIB will not be bullish in September of 2024.
So, as price and time analysts, we want to understand support (more so than breakout).
Shiba Inu Coin (SHIB) in September 2024
The Shiba Inu Coin (SHIB) chart does not have a bullish setup at this point in time.
RELATED – Can Shiba Inu (SHIB) Ever Hit $1?
There is one, and only, thing needed to turn this chart bullish – support at $0.000012345 needs to be respected on 3 to 5 day closing basis. This support level coincides with its 75% Fibonacci retracement level.
That’s it – all the rest is noise!
Note: not yet bullish does not imply never bullish. It really means that September cannot be a month in which a meme coin like SHIB can be wildly bullish, that’s impossible. However, a ‘buy the dip’ strategy may work out well, long term, provided critical support holds, is the key take-away.
Shiba Inu Coin (SHIB) chart – not yet bullish
One really important take-away from the chart shown above is this:
The triangle on the SHIB chart is not bullish until SHIB confirms support at $0.000012345.
The falling trendline is dominant for now. SHIB enthusiasts want to see $0.000012345 hold strong in September 2024, as this falling trendline will cross this important support level early October 2024.
That’s why we thoroughly disagree with this popular post on X concluding that SHIB has a bullish falling wedge on its chart.
#Shib Breaking Falling Wedge Successful Breakout Can Lead Massive Bullish Wave In Coming Weeks pic.twitter.com/Mqd7WvwfMB
— World Of Charts August 24, 2024
SHIB – why October 2024 matters so much more
While we conclude that September 2024 cannot be marked by big bullish momentum for SHIB, we also add to it that October 2024 will be 10x more important for SHIB. This is why:
- As outlined above, there is a decision window, in the last week of October, for leading indicator BTC. This will heavily impact the future path of SHIB.
- Chart-wise, SHIB will experience a crossing of its 2024 falling trendline with the most important support level (also Fibonacci level) in the first week of October.
- Seasonality – September is historically the weakest month of the year for risk assets like stocks and crypto.
We recommend to sit back and relax in September. Tokens like SHIB won’t experience sustained bullish momentum.
Follow our premium crypto research work for token tips (incl. meme coin insights) in Sept & Oct 2024.
