Price Analysis

Shiba-Inu Price in Consolidation Phase! Is This the Calm Before the Storm?

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Cryptocurrencies have increased in value in the last 24 hours. Ether, the second-largest cryptocurrency and the unit linked to the Ethereum network, went up over 7% to $4,223, according to CoinGecko. Cardano price increased by about 4% to $2.24, dogecoin prices increased by more than 2.4 percent to $0.25, and Shiba Inu price increased by 0.2 percent to $0.00002813. 

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Shiba-Inu Price Action

Shiba Inu Coin had a rough start to the day, falling to an intraday low of $0.00002717 in the early afternoon before making a move.

SHIB Price will now aim towards the $0.00003543 price level after forming an inverted head-and-shoulders formation on the 4-hour chart. SHIB is anticipated to break out to $0.00003543 from here, based on the technical pattern. 

The break over the descending resistance trend line formed since the swing high on October 7 is adding to this bullish view. However, $0.00003073 and $0.00003200 will be the two major roadblocks to this rise.

Once it overcomes one last hurdle, the Shiba Inu price is poised for a 20% surge. Before climbing to the October 7 high, SHIB must slice above the prevailing chart pattern’s neckline at $0.00002946. Shiba Inu will return to a consolidation pattern if it goes below $0.00002712, continuing to trend sideways. 

SHIB Prices Rise With Transactions

SHIB transactions above $100,000 have often increased ahead of cryptocurrency price increases, according to cryptocurrency analytics firm Santiment. Whales, in particular, may be accumulating even more cryptocurrency ahead of these price increases.

Shiba Inu coin has been added to the list of cryptocurrencies that users can buy and sell on Public, a retail trading app. 

The latest addition comes as the Shiba Inu coin, which was inspired by dogecoin and its eponymous dog breed, which has been on a tear this month, thanks in part to Tesla CEO Elon Musk’s enthusiasm.

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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.

Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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