Shiba Inu is one of the tough competitors of Dogecoin. Both meme coins provided a good return in the last two years. At the time of writing this post, the SHIB price is trading around $0.000009, which has taken support around that level. After the FTX liquidity crisis, it has broken the previous support of $0.000011, and now it is consolidating below that level.
On the daily chart, Bollinger Bands lacks volatility, but today’s candle has broken the upper Bollinger Band with positive MACD and RSI, suggesting an uptrend, at least for the short term.
From June to October, it formed a triangle pattern but broke the resistance decisively in October. When the Shiba Inu community became bullish, it returned to the previous support of $0.000011 and broke the support after announcing the FTX liquidity crisis. Based on the technical chart, $0.000011 is resistance for the short term, but if it breaks the resistance, it will become bullish.
Advertisement
It is interesting to note that Shiba Inu has formed a higher high on the long-term chart (the previous low was $0.000008). It has formed three green weekly candles that suggest an uptrend.
Meme coins are not suitable for long-term holding because most of them do not have a wide range of use cases, so these are not fundamentally strong. These meme coins are suitable for momentum trading based on different news in the market.
Though the technical indicators suggest long-term bullishness, it is not an opportunity to invest for the next five years. The marketing team and developers of Shiba Inu are working on expanding their use cases, but it has not been realized yet. You can find other less risky digital assets which provide good returns. You can find these assets here with their detailed yearly price predictions. These time-tested assets are also available at lower prices.
Advertisement
You can add Shiba Inu to your watch list for the short term and trade with a target, and stop loss. If you are interested in investing, set a target of around $0.000011 and book a profit within a few months. Please follow our website to get the latest update on Shiba Inu.
