Price Analysis

Is Shiba Inu Burning The Midnight Oil, To Eliminate Another Zero?

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Highlights

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  • Shiba Inu hints at leveling up towards another bull run to endeavor previous highs.
  • The analyst expects SHIB price to lead another leg-up reclaiming its lost glory.

 The global crypto industry has been vivid to digital currencies, while some have risen in a logarithmic trend. Other coins have been gearing up towards lost gains. Meme coins have run an impressive run, out of the blue. Several lesser-known meme coins have gained prominence in the industry. Traders have been fond of SHIB, which has given fortunes out of penny-like investments. 

Consecutively, the Doge-killer has been cooling of late. The digital currency is growing in terms of protocol utility, and adoption by institutions. The multi-bagger crypto asset has outthrown predictions by critics. The coin seems to be warming up for its next leg-up, from current statistics. An analyst, on the other hand, is expecting SHIB to surge to levels of $0.000062 in the short term.

Will SHIB Munch Zeros Yet Again?

The meme coin at press time is trading at $0.00005649 with gains of 8.4%. While the market cap is around $30,692,084,831. The trading volume for around the clock is at about $5,633,422,790. The coin falls short of its ATH of $0.00008616 by 36.3%, it has been a fortnight’s time since the ATH. The meme coin has slipped down to the 11th position by market cap rank.

The next target for the digital would be at $0.000057 to $0.000058 levels. On the flip side, the prices could lower to levels of $0.000050. An analyst mentions that the 9h 200EMA is acting as a support for SHIB. He expects the digital coin to retrace its price to $0.00006200 levels. And hints at the probability of continual cooling down, owing to the insane previous upswings.

Collectively, the meme coin is in no sluggish momentum towards the retrieval of losses. In fact, is greater than bigger coins in the industry. The growing utility, adoption, and blueprint, could help the Doge-killer orbit around the moon.

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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.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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