Shiba Inu took a strong hit during the previous crypto crash. Its prices fell by more than 85% in the past 8 months, while crypto investors turned to other less volatile cryptocurrencies. Dog tokens are known to be highly volatile. They make remarkable gains during bull runs while making bad losses during bear markets. Today, Shiba Inu reached a strong support area that might send prices upward given the right circumstances. Is Shiba Inu price bullish? Let’s analyze SHIB prices in this Shiba Inu price prediction article.
What is Shiba Inu?
The Shiba Inu Coin is a cryptocurrency that is still very young and only emerged in 2020. It’s a meme coin, a fun currency that wants to poke fun at bitcoin and the concept of cryptocurrencies. It has no clear functions and a special use case.
Shiba Inu is the spiritual successor to Dogecoin, the first meme coin, which has been one of the most successful cryptocurrencies on the market for several years. SHIBA calls itself the “Dogecoin Killer”. Instead of a confused Shiba Inu dog (the Dogecoin’s symbol), the Shiba Inu has an aggressive Shiba Inu dog as its symbol.
How did the Shiba Inu become famous?
After Dogecoin’s long history of success, many observers thought that this extraordinary history could not be repeated again. But the Shiba Inu was able to become extremely successful within a few months. The coin was created in mid-2020, so it was only a few months before the bull market picked up speed at the end of the year. However, the Shiba Inu hardly benefited from this for the time being.
However, the SHIBA benefited from the climate of the bull market, since this always brings an extremely large number of new investors into the market. These feeders are ideal for fueling hype around a meme coin like the Dogecoin and the Shiba Inu. The Shiba Inu saw its first major surge in April 2021. Then, in May 2021, the price exploded and saw a massive rally. We then saw another rally and the rise to the all-time high at the end of October.
Shiba Inu Price is in a Sideways Trend!
After the Shiba Inu price recovered from the crash and corrected somewhat higher, it has found support at the psychological $0.00001 level several times. Each time the price has reached the support, it has subsequently surged to the $0.000012 resistance. This price behavior resulted in a sideways phase between the two levels. This sideways phase has occurred after an up move, making it more likely that the price will continue the trend in a bullish manner. Another reason for a bullish trend is a newly discovered formation in the chart!
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Is Shiba Inu Price Bullish Today?
Not only the sideways phase could cause prices to rise, but also the reversed shoulder head shoulder formation. This formation has often been used as a trend reversal formation in chart analysis in the past, which is why we are even more confident that the Shiba Inu price could rise somewhat in the future. However, this does not mean that the Shiba Inu price will form a new overall uptrend. Instead, it could happen that the price increases by about 50% and then resumes the downtrend. We at CryptoTicker assume that the last low of $0.0000071 will be broken sooner or later.
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Source: https://cryptoticker.io/en/is-shiba-inu-price-bullish-today/