Price Prediction: Shiba Inu Set To Reverse Downward Trend And HUH Token Rockets Over 400% On Debut

Shiba Inu’s price has been under pressure over the weekend and has accelerated its downward trend as a result of the Bitcoin flash crash spill-over effect.

SHIB’s price then bounced off the monthly S1 support level, triggering a bullish reaction and reversing most of the weekend’s losses.

Meanwhile, the new cryptocurrency HUH Token has rocketed over 400% in its first day of trading and has shown no signs of slowing down. 

The global market recovery is currently driving Shiba Inu’s price higher as the bear run was halted at the monthly S1 support level near $0.00003000 and the descending trend line.

The short squeeze may result in a return of bullish sentiment, initially to $0.000004490, and then, if the global economy recovers, possibly all the way back to $0.00008373.

As global equity markets recover from last week’s losses, an increasing number of bears will be forced to exit their positions, forcing them to revert to the buy-side and square their losses.

This will result in the SHIB price gaining momentum to the upside, which will attract additional investors and could easily result in bulls reversing the weekend’s fully incurred losses towards the 61.8 percent Fibonacci level at $0.000004490.

Bulls may encounter resistance near that level, as the 55-day Simple Moving Average (SMA) is just above the 61.8 percent Fibonacci level.

Given the current tailwinds, expect further upside potential toward the 50% Fibonacci level at $0.00005690.

SHIB Daily Chart According to TradingView

Bulls are likely to extend the rally as additional technical levels are cleared, with equity markets pushing to new all-time highs and boosting investor sentiment. 

If market sentiment reverses to the downside, bears will attempt to push price action below the red descending trend line with significant support at $0.00002000, the location of the 200-day SMA.

HUH Token 

New cryptocurrency HUH Token (HUH) has rocketed over 400% on its first day of trading and looks set for further gains.

HUH’s initial coin offering (ICO) started at $0.00000564 but within just a few hours it surged to over $0.00003000. 

Traders can still expect plenty of volatility as the new crypto finds its feet but looking at the 15-minute chart indicates that buyers have formed a base at $0.00002720. 

HUH 15-Minute Chart According to TradingView

As long as this support floor holds the price is expected to continue its upward momentum.

HUH Token is also starting to build an upward trend line and looks set to break its previous high at $0.00003000. Once this is broken global tail winds could propel HUH Token higher.

HUH 15-Minute Chart According to TradingView

Solid fundamentals and recent media attention are some of the main reasons for HUH Token’s successful launch. 

As stated in the White Paper, “The dream of HUH Token is a decentralized metaverse in which everyone benefits from the data they generate.

The data generated through engagement, whether it is information, opinion, images, sound, or another form of self-expression, generated value for influencers and individuals because all data generates influence, and HUH believes that influence is a currency that should be shared for the greater good “‘.

This concept of “tokenizing” influence is unheard of in the cryptocurrency space and has the potential to resonate with the creative and influencer communities.

Musicians, artists, and influencers can use this cryptocurrency and its associated social network, “MetHUH,” to monetize their works or “influence” by exchanging HUH Tokens.

HUH Token intends to be listed on over 100 exchanges within 12 months.

This will mean HUH’s price will become more bullish with each exchange listing, as access to the token becomes more accessible.

HUH’s creators have also locked in $1 million of liquidity for two years to bolster long-term sentiment.

Follow HUH Token on their Socials:

Telegram: https://t.me/HUHTOKEN
 Website: https://huh.social 
 Twitter: https://twitter.com/HuhToken 
 Instagram: https://www.instagram.com/huhToken/

Disclaimer: None Of The Information You Read On Coinpedia Should Be Regarded As Investment Advice. Cryptocurrencies Are Highly Volatile, Conduct Your Own Research Before Making Any Investment Decisions.