Price Analysis

SHIB Price Expected to Plunge Harder! Is Shiba Inu a Safe Bet for Long Term?

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While the biggest cryptos showed mixed trading indicators during the past day, the overall market took a small hit. Furthermore, on November 10th, XRP reached a two-month high, while Loopring reached its all-time high. 

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Shiba Inu Price Action

From the 23rd of October, the dog-themed coin experienced an instantaneous increase. Initially, the price action soared by more than 200 percent, reaching its all-time high on October 28. After that, the price suffered a decline and retreated in a declining triangle below its immediate resistance.

At present SHIB price is trading at $0.00005118 with a 4% loss in the last 24 hours. The bears trying to pull the price back below the 20-day EMA. on the successful breakdown SHIB/USDT pair could drop to the important support at $0.000043.

However, 20-day EMA and the RSI near the midpoint indicate a range-bound action in the near term. The next trending move could start after bulls push the price above $0.000065 or bears to sink the pair below $0.000043.

SHIB is worth for a long run?

Despite its recent price drop, Johnny Lyu, the CEO of prominent crypto trading platform KuCoin, has advised that the meme-inspired cryptocurrency Shiba Inu (SHIB) is worth keeping in the long run.

For at least three days, Lyu stated, the trading volume of SHIB had exceeded that of Bitcoin on the trading platform. In terms of trading activity across spot markets, the cryptocurrency temporarily overtook Ethereum, the second-largest crypto asset by market capitalization. 

Despite being subjected to a substantial current since late October, its price has risen by more than 570 percent in the last three months.

As Bitcoin’s price rose, Lyu noted that some investors “without a lot of money” who wanted to profit from crypto turned to DOGE and SHIB, whose price per token is significantly lower than BTC, which is presently trading at $64,000 at press time. One SHIB, on the other hand, is currently trading at $0.00005561.

These retail investors, according to Lyu, are “very passionate about such coins and determined to drive up valuations.” 

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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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