Shiba Inu and Memeinator Price Predictions as Crypto Market Looks to Rebound

What has been a brutal week for most altcoins, especially politically-related meme coins, also saw Shiba Inu (SHIB) extend its price decline to levels last seen in March. Meanwhile, Memeinator (MMTR) also fell as its price hit a new all-time low.

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But with Bitcoin showing resilience above $60,000 and PolitiFi meme coins showing signs of recovery, could the SHIB token price regain its upward momentum? And what is the price outlook for MMTR?

Cryptocurrency Market Outlook

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Last week we witnessed regulatory news, Bitcoin sales, and ETF news from Solana.

Also worth noting is the US presidential debate and mega political donations from industry players. In regulatory news, the SEC has sued Consensys and Coinbase by filing a lawsuit against the SEC and FDIC.

Meanwhile, the German and US governments selling millions of dollars worth of Bitcoin impacted the price of BTC. The US presidential candidate debate saw policy-related meme coins fall as markets reacted.

For now, Bitcoin, Ethereum, and major meme coins are largely flat on the day as investors look ahead to next week. Key events to watch, as Invezz highlights in this report, include Ethereum ETFs, macroeconomic reports, and the EU’s MiCA regulation.

What could these developments and the overall market sentiment mean for Shiba Inu and Memeinator?

Price Forecast for Shiba Inu

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Shiba Inu token price fell sharply as downward pressure hit politically-related meme coins and Lido DAO token price plummeted amid the SEC lawsuit against Consensys.

Currently, the price of the SHIB token is down more than 33% over the past month. The bearish sentiment that still surrounds the meme coin market suggests that further declines are possible.

As the chart below shows, the Shiba Inu price is at a key level. A considerable downward movement could push SHIB price lower, as suggested by the weekly RSI and MACD indicators.

However, potential changes in the cryptocurrency market around Ethereum ETFs and a July rally in Bitcoin could help push SHIB into the green. Analyst Ali Martinez points out that July was still positive for BTC after a negative June.

Price Prediction for Memeinator

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Memeinator (MMTR) is one of the meme coins that plunged last week. After hitting its all-time low of $0.02683 on June 1, 2024, the MMTR token price dropped to $0.004195 on June 30, according to CoinGecko data.

The market struggles for Memeinator reflect the broader crypto ecosystem, with the past month being particularly difficult amid a confluence of negative catalysts.

But even though prices have trended downward, the Memeinator token has made great progress with regard to key milestones of the project.

By combining meme culture and AI, Memeinator offers a revolutionary approach to the utility of memes. Meme Warfare gaming, staking, and NFT integration are all on the roadmap for Memeinator.

This means that resilience at current support levels and a reversal within the ecosystem could support MMTR price. The recovery of the ATH reached at the beginning of June will strengthen these prospects.