Shiba Inu (SHIB) has made an impeccable record over the past week after its value increased by more than 20%. It is among the best performing meme coins in the market. Whilst its bullish momentum is diminishing; the gains are enabling the coin to move to higher levels.
SHIB is trading at $0.00000773 at the time of writing after a 4% gain in 24 hours.
SHIB Price Analysis
Shiba Inu has been making considerable gains in the past week. However, after a sharp rally towards $0.000009, the uptrend was slightly disrupted, and the coin retreated to lower levels. The coin’s volatility has increased, meaning that a trend reversal could be a sharp one.
If SHIB’s uptrend continues, the coin could rally towards breaking beyond $0.000008. Here, buyer support could rally, in which case, Shiba Inu could break beyond the next major resistance of $0.000012 if market support remains strong. If bulls remain strong after this level, Shiba Inu could be on the way to breaking past its all-time highs.
On the other hand, this support could fail, in which case we will see Shiba Inu retreat towards $0.0000068. This decline could be attributed to selloffs from buyers who want to avoid further dips if market support fails. Dipping below $0.000006 could erase most of the SHIB gains this year.
The hype surrounding meme coins seems to have died down, given that Elon Musk has stopped his frequent tweets about dogecoin and SHIB. Because of this, the Shiba Inu developers have been looking for ways to boost the coin’s value and revive the gains made early this year.
The Shiba Inu developers have announced a coin burn that will reduce the total supply of Shiba Inu coins in circulation. Once this happens, it will also boost Shiba Inu’s enthusiasm and bring back a buying frenzy that could propel SHIB to the $0.000039 peak achieved in May.
Where to Buy Shiba Inu
If you want to buy SHIB, you can create a cryptocurrency exchange account on eToro. eToro is a leading exchange platform. It supports a wide range of features and tools. eToro is also popular among beginner traders because of a social copy trading feature that allows new traders to copy the trading strategies of expert traders.
Looking to buy or trade Shiba Inu (SHIB) now? Invest at eToro!
75% of retail investor accounts lose money when trading CFDs with this provider
Credit: Source link
