Will SHIBA Price See A Rise Soon?

Shiba Inu also known as “Dogecoin Killer” was created anonymously in August 2020. SHIBA has observed strong growth since its inception. The cute charm of the coin has attracted various investors including Elon Musk and Vitalik which made a strong headline.

Shiba has emerged as one of the most successful meme coins which is giving fierce competition to the Doge. It is an ERC token that is looking to be the counterpart of the Dogecoin scrypt-based mining algorithm. As per the Intotheblock, data it has been revealed that whales are acquiring a large amount of SHIBA.

Meanwhile, the burn rate of SHIBA is currently neutral with a decline in the price of Shiba Inu. Meanwhile, Shibaswap TVL is near $20 Million which has observed a decline in the past few days. Meanwhile, the Shibaswap has seen a strong surge in the transaction as per Dune. The adaptation of SHIBA may see strong growth in the future.

Shiba Inu has a market cap of $5.05 Billion and is ranked 15th in the CMC. Meanwhile, SHIBA social engagement has been observing a rise. The V/M ratio of SHIBA suggests a consolidated trend in price.

Will SHIBA Observe A Surge Soon?

Shiba Inu price has been moving in a downward momentum in the weekly technical chart. On the daily chart, it is trading near the value of $0.0000086 with a small drop in the intraday session. SHIBA price is moving in a consolidated channel in the daily chart. The Correlation between the Shiba and ETH is near 0.91. The upside trend of asset price can see a halt near the value of $0. 00001.Meanwhile, the support of the SHIBA price can be observed near $0.0000075. The asset price is trading below the 50 and 100 Daily Moving Averages. If a negative crossover happens then it will push the price to a new low in the future.

The RSI of SHIBA is below 30 hinting at its presence in the oversold zone. There is no slope in it suggesting a consolidated trend.

Summary

SHIBA has been seeing a strong accumulation from whales as per various analytics tools. Shiba Inu price is currently in consolidation but can see a new high in the future.

Technical Levels

Major Support:$0.0000075

Major Resistance:$0.00001

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.