Our last Shiba Inu (SHIBUSD) coin price prediction is still valid as the price is yet to make a lower low. However, the bullish market structure is hanging by a thread because the price is retesting a major resistance level. A daily closure below the 200-day moving average will set the bears free to tank the SHIB price.
On Monday, the Shiba Inu coin price slid by 0.72%. The SHIBUSD pair also showed a very negative price action during the weekend. Today marks the 5 consecutive red days for the top memecoin after a great start of the year.
However, SHIB is not the only coin tumbling, most altcoins also started the week in the red. Most traders are awaiting the next BTC move before opening any new positions.
How To Buy Shiba Inu Coin?
SHIB is one of the most popular cryptocurrencies among new crypto investors. The coin is available on many crypto exchanges, but the best place to buy Shiba Inu coin is Binance. You can sign up within a few seconds and then buy your favorite dog coin with a credit card or any other payment method.
It is also worth mentioning here that SHIBUSD is one of the most volatile cryptocurrencies. Tweets from Elon Musk or other influencers can affect the price a lot in the short term. Therefore, proper risk management is necessary while investing in memecoins.
The cryptocurrency prices are also going to be affected by this month’s key events. These events include the CPI release on 14th March and FOMC meeting on 22nd March.
Shiba Inu Coin Price Prediction & Daily Chart
Technical analysis of the Shba Inu coin price reveals that the pair is retesting a key support level. The $0.00001086 level, due to multiple confluences, has become a strong support level. This level matches with the higher low than the SHIB price made during the last week of January.
The second confluence comes from the presence of 200-day moving average that lies in the same region. The third confluence is the 0.618 fib retracement level which acts as a major reversal zone. Therefore, there is a significant chance of a rebound from the current price. This bounce can push the Shiba Inu coin price to retest its year-high around $0.00001575 level.