The Shiba Inu price is in a tight range as investors wait for the next price action. The coin is trading at $0.0000067, which is about 20% above the lowest level this week. SHIB has a market cap of more than $2.7 billion, which is still remarkable for an “asset” that does not do anything.
Shiba Inu price action. Shiba Inu is a relatively new cryptocurrency that was started to disrupt the rise of Dogecoin. The coin has gotten relatively popular among traders who believe that it will rise to the occasion and challenge DOGE. SHIB recently rallied after Coinbase added it to its platform. As I mentioned earlier, cryptocurrency prices tend to rise when they are adopted by leading exchanges like Binance and Coinbase. However, the price tends to retreat as this hype starts to die down.
So, what is next for Shiba Inu price? It is relatively hard to tell considering the nature of the markets we are in where retail traders fear missing out (FOMO). In a recent note, analysts at Santinent said:
“When a coin appears in emerging trends list, especially in top 3, it’s often a sign of a price top. Because it indicates a sort of a peak social hype. Price can hardly sustain its rally without increasing hype (or social volume).”
Shiba Inu price prediction
The hourly chart shows that the SHIB price has been in a consolidation mode recently. The coin seems to be forming a bullish pennant pattern. While it is not formed well, the coin seems to have formed an inverted head and shoulders pattern, which is usually a bullish sign. It is currently at the 61.8% Fibonacci retracement level.
Therefore, we can’t rule out a situation where the Shiba Inu coin price rebounds. If this happens, the next key level to watch will be the 50% retracement at $0.0000076. On the flip side, a drop below the 78.6% retracement level will invalidate this prediction.
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