Price Analysis

Is It Right Time To Buy Shiba Inu(SHIB) Or Selling Is A Better Option?

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Highlights

    Shiba Inu’s magnificent rally has bought it an inch close towards the top 10 cryptocurreny list

    The upcoming rally appears to be completely sceptical and hence it could little strenuous job to determine whether to buy Shiba Inu or Sell

The crypto space is experiencing some sort of turmoil as the Shiba Inu token emerged out of the blue. Moreover, in times when the major assets are falling apart or maintaining a silent trend, meme coins roar out of the space. Bitcoin price dumped notably ever since it managed to form new ATH, Ethereum price also followed. No doubt both have buckled up the recovery phase and SHIB price again making a huge move.

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The growing market sentiments and the social engagements for the crypto also spike the trading volume on the Shibaswap. It recorded a massive spike of 500% exceeding $230 million trading volume in the past trading day. Moreover, the transaction fees were close to $700K that led to the massive rally to the ATH at $0.00004442.

Also Read: Shiba Inu To Enter Top 10 Crypto ! SHIB Price Surged More Than 50%

Yet similar to any rally or bull run, SHIB price also exhausted a little bit and ended up dumping close to $0.00003800. Within no time, the asset rebounded, squashing the bearish divergence to leap beyond $0.000039.

shibprice
Source: Tradingview

The past weekend rally ended a huge consolidation within a parallel channel and broke the upper resistance levels. The asset also pierced through the important resistance levels at $0.00003469 and ranged higher. However, the price is experiencing a slight pullback at the press time. Yet it sustained well above the resistance flipped to support levels. 

On the other hand, the technicals are also pretty bullish, the RSI and MACD showcase a deflection from the downtrend. However, the uptrend could be confirmed once the Shiba Inu price reclaim a spot above $0.00004000 levels. Until then the fear of plunging or corrections would hover the SHIB price.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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