Price Analysis

Shiba Inu Price Plunge Hard! Should You Buy the Ongoing Dip?

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Despite a recent drop in cryptocurrencies, Shiba Inu coin the meme-based cryptocurrency that has been dubbed a “Dogecoin killer” has not vanished. However, there are still certain roadblocks in the way of Shib Inu.

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Many people believe that the SHIB coin’s rise is solely due to the community. However, there are other circumstances that may assist the cryptocurrency in gaining traction. 

Shiba Inu will be getting a new dedicated exchange in the near future. ShibaSwap, a new decentralized cryptocurrency exchange (DEX) similar to UniSwap or PancakeSwap, will be more of coin exchange. The platform has apparently been operational for several weeks, but it is still undergoing testing to assure total security and transparency.

As of the present conditions, Shiba Inu price has dropped below a critical support level of $0.000007 and is headed for new lows of $0.00000630. If Shiba Inu breaks through the $0.00000630 support level, it will go to the $0.00000440 support level. 

To acquire upside momentum in the near term, Shiba Inu needs to climb back above $0.000007. If Shiba Inu is able to break through this resistance, it will go on to the next level of resistance at $0.000008.

$1 For Shiba Inu Price?

Although the future for Shiba inu appears bleak, many experts and analysts have weighed in with their predictions. Market Realist outlined a strategy for Shib coin to hit the $1 level, which has long been a dream of Dogecoin enthusiasts. To reach $1, Shib coin would have to increase by 12,000,000%. 

Every month since January, the coin has increased by around 2,000,000 percent. According to Market Realist, it might approach $1 by the end of 2021 if it continues to expand at this rate. Shiba’s price is expected to hit $0.000030 by June 2021 and could rise to $0.000048 by the end of the year, according to Wallet Investor.

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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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