People swapped their Dogecoin for Shiba Inu coins, bringing the Shiba Inu cryptocurrency coin to over 1 million new traders this week. However, the Shiba Inu price appears to be oscillating within a continuation pattern, with SHIB lacking directional clarity following a drop in trading volume.
Apart from a few Altcoins, the bigger cryptocurrency market continued to retest. With a 2.85 percent slump, Bitcoin fell back under $60,000, comparable to Ethereum, trading just above the $4000 level. Ripple fell to $1.09, while Cardano remained stable at $2.15. For the second day in a row, Solana proved to be the market’s greatest winner and is trading at $201 at the time of writing.
Shiba-Inu Price Analysis:
On Friday, Shiba Inu Coin increased by 1.60 percent. The altcoin bearish start to the day, falling to an intraday low of $0.00002703 in the early morning before making a rise.
To bring the 23.6 percent FIB of $0.0000283 and the first significant resistance level at $0.0000286 into action, Shiba Inu Coin would have to avoid a fall through the pivot at $0.0000278.
However, for Shiba Inu Coin to break out of the 23.6 percent FIB, it will need support from the larger market.
Unless there is a sustained crypto rally, the first significant resistance level and Friday’s high of $0.0000285 are likely to be the upper limit.
Before any pullback, Shiba Inu Coin might attempt resistance at $0.000030 levels in the event of another breakout. $0.0000293 is the second significant resistance level.
If the price falls through the pivot at $0.0000278, the first major support level at $0.0000271 will be tested.