Meme coin leaderboards say Shiba tops the list, and Despite Dogecoin trending slightly in the meantime, it is safe to presume that Shiba Inu has a clear lead. Shiba’s support towards the growing NFT economy around SHIBA Inu dogs and other digital items has been a boon for investors looking for a coin to perform like Dogecoin in a much shorter time interval. Investors have become winners, and thanks to the evenly distributed concentration of coins, there haven’t been huge crashes on Shiba Inu.
The growth of its NFT economy and the interest of inventors in becoming a part of this economy has supported the upward trajectory in the last month. Holding on to its over 1000% of gains has become a great advantage of crypto investors and the blockchain ecosystem of Shiba Inu itself. The only worry or a hidden benefit that investors might be worried about is the very high supply surpassing any other cryptocurrencies.
Shiba Inu Price Analysis
Profit booking at the peak and support in the mid-range has become a trend forcing SHIB token to move up and down in the 30% range. Its upper limit seems to be calculated around $0.00008876, and the lower limit comes at $0.00005777. This price sentiment showcases a potential to consolidate within $0.00008 levels for a longer duration to create a strong support level at the top.
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The chart pattern of Shiba Inu since October indicates a clear picture of a sudden spike in volume to be related to the rise in the valuation of Shiba Inu tokens. Consolidation at the current level of immediate support of $0.00005777 could help Shiba replicate the price action of October, where the prices consolidated for a longer duration before giving a breakout and giving a 2.7x return within a week.
The difference between strong support and resistance is quite significant, and there is an unlikely probability of the prices tumbling down so much to take support from the level of $0.00003534. The breakout candle of October 24 seems to be too strong to fail. IfSupposehe immediate support level fails to stop the profit booking sentiment. In that case, investors will not allow their multi-bagger returns to be at risk and add to the profit booking sentiment.
RSI is trading consistently at a greater positive sentient with levels above 75 on the charts. The current candlestick pattern shows a lower wick with the greater body on today’s candle. Such a candle pattern highlights buying at a lower level with a strong move to continue with the trend.
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However, as per the Shiba Inu price prediction, similar candles will not be enough to create a buying sentiment on broader levels. Currently, investors would be looking for an opportunity for Shiba to breach the $0.00008 level to re-invest in this cryptocurrency.
