Shiba Inu is one of the tokens that have done exceptionally well this week. The token has been trading on the green zone this week, but now it seems that it may be retreating to lower levels, confirming another bearish rally. In the past 24 hours, SHIB has declined by 4.1%, and it is trading at $0.00000730 on major exchanges as of writing.
SHIB Price Analysis
The dog token seems to be gearing up for an uptrend despite the 24-hour decline. Since the May crash, the coin has shown some form of stability, and even though it has failed to gain back its ATH, the token has moved past levels of sharp volatility.
Shiba Inu is currently testing the support levels of $0.000007. If it retreats past this level, we might see the token recording previous levels of around $0.000006. Such a retreat is likely if bears progress.
On the other hand, the token may not retreat, but it could cause another uptrend. Higher resistance of $0.000008 and $0.00001 must be broken for the dog token to show signs of another bullish momentum. Such momentum is only possible if there is support for adopting the token and support from the broader crypto market.
Despite the possibility of the token moving, either way, technical indicators still show that the token is still at a neutral zone. There are no indications to give a strong buy or a strong sell signal.
SHIB seems to be garnering support from crypto enthusiasts. Elon Musk, a supporter of meme tokens, has shown support for the Shiba coin after tweeting that he would name his Shiba Inu dog Floki. The news sent SHIB on a 25% increase, and the coin managed to recover some of its losses.
My Shiba Inu will be named Floki
— Elon Musk (@elonmusk) June 25, 2021
The news also created speculation that Musk could be dumping dogecoin for SHIB. Shiba Inu has previously been labelled the doge killer, and if it achieved higher levels, we might witness the coin gaining dominance in the market. SHIB will benefit under Musk’s influence, given that the CEO was responsible for the 12000% hike in dogecoin prices.
Where to Buy SHIB
If you want to purchase Shiba coins, you can do so at the below exchanges:
To buy SHIB tokens, you can do so from the eToro cryptocurrency exchange. eToro offers services in many countries, and it supports major cryptocurrencies and many crypto trading pairs. The exchange also offers copy trading for new users to learn from seasoned traders.
OKEx is also another major exchange that supports Shiba Inu tokens. The crypto exchange offers support for all the major cryptocurrencies. Moreover, it also offers user-friendly features that allow users to trade easily.
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