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Shiba Inu: How This Newly Found Support Will Boost SHIB Price This Week

Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

  • Shiba Inu’s trading price is now its resistance marker
  • SHIB token now priced at $0.00001118
  • The meme crypto is forecasted to end 2022 with a price of $0.00001501

Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

It attracted a lot of investors and is recognized as one of the reasons a huge percentage of cryptocurrency investors found their way to the market.

It was such a hit back then that it made initial investors that were holding $10 worth of SHIB super rich.

But fast forward to the present, the token is already at a point when some are considering that its era has already ended and crypto experts are not seeing any window for the coin to rise once again.

SHIB is currently changing hands at $0.00001118 according to Coingecko at press time. It already lost 87% of its all-time high value achieved on October 28, 2021.

It has been on a steady decline for the past five months.

Shiba Inu: Breaking Through Resistance

Due to its slump and bearish activity, SHIB turned its support range of $0.00001118 into its new resistance mark.

This meant that for the time being, the token’s price won’t see any upward movement, unless it breaks through the resistance.

Sellers are already at play in the market, initiating the pull towards $0.0000103. If they become successful, Shiba Inu could be facing another immediate decline although it is expected to make a recovery rally soon after.

There was a buying spree from June to August this year courtesy of the SHIBArmy. However, the gains the token got from that activity were trimmed by the sellers that entered and pull the price down once again.

SHIB Seen Rising By End Of 2022

Despite suffering for five months now, all is not lost for the meme token as price predictions for the end of 2022 and the year 2023 point at an eventual price increase.

Source: Santiment

Shiba Inu is in the midst of a metaverse platform deal that is expected to propel token price to $0.00001501 by the end of this year. The lowest price of SHIB at this point is expected to be $0.00001307.

Ever since about the middle of September, SHIB’s social influence has been steadily dwindling. Instead, it showed a tiny increase in price. Despite the traction, this reading reflected the SHIBArmy’s assurance.

Meanwhile, an end to the 2022 bear market by the early part of next year will put the crytpocurrency in a better position.

SHIB is forecasted to trade at a maximum value of $0.00002271 in 2023.

SHIB market cap at $6.4 billion | Featured image from Paper Writer, Chart: TradingView.com

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Shiba Inu Fanbase Awaits Eternity Download Event – Will It Boost SHIB Price?

The original release of the blockchain implementation of Shiba Eternity occurred in Australia on September 17. Shiba Inu followed the larger market sell-off that began on September 13 and rallied nearly 7% from September 17-18.

During this time span, the rally did not significantly alter market sentiment. New information about the game’s release, though, may add some hype.

According to a recent tweet by Shib Rumours, the release date of the game is set for October 1. However, the latest post on the official Shiba Inu Twitter account indicates that the worldwide launch of the game will take place on October 6.

SHIB has a current trading range of $0.00001073 – 0.00001154. Could the meme coin see a resurgence after the game’s release?

Shiba Inu: Increasing Speed

After the latest sell-off on September 18, an uptrend has been noted and has been very consistent up to the time of writing. Given that this occurred only a day after the Australia release, it’s likely that long-term token holders witnessed the price increase and sold off their holdings.

During this period, the memecoin saw a pullback and plummeted 8.5% immediately. Currently, the recent price movements have created a head and shoulders pattern before to today’s breakout. During this breakout, the price increased by 2.9%

Given the current state of Shiba Eternity, this price movement can be regarded as a sign of increased anticipation for the game’s October 6 release. ETH whales are also contributing to the hype train.

According to WhaleStats, the top 1,000 Ethereum whales have more than $147.5 million. WhaleStats also regarded Shiba Inu as the token with the highest dollar value position.

Keeping A Close Eye On The Market

Therefore, there are a few things that future Shiba Inu players and investors/traders should be aware of.

One of these is that a price increase is frequently followed by a severe market correction, similar to what we experienced on September 18 following the rally on September 17.

As of this writing, SHIB is trading at $$0.00001137, up 2.5 percent in the last seven days, data from Coingecko show, Saturday.

As October 6 approaches, we will have a better sense of whether Shiba Inu will increase in value or decline further.

SHIB total market cap at $6.29 billion on the daily chart | Source: TradingView.com

Featured image from VOI, Chart: TradingView.com

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Shiba Inu Adds Nearly 36,000 Holders Since June Despite Crypto Market Turmoil

The price trend of Shiba Inu has been following the rest of the cryptocurrency market and remains negative. Notably, SHIB is still seeking to reclaim the high points it reached last year, when the value and popularity of the meme coin surged.

As of this writing, SHIB is trading at $0.00001145, down 4.5% in the last seven days, data from Coingecko show, Sunday.

Despite the crypto market’s sluggish condition, a portion of the dog-themed coin’s investors are optimistic that the asset will recover and are boosting their coin purchases while ignoring the market’s weakness.

According to data from CoinMarketCap, as of September 24, SHIB has 1,226,031 holding addresses, representing an increase of around 35,835 new holdings over the course of three months. The new holders represent a 3% increase from the 1,190,195 who were registered on June 26.

Shiba Inu: Increasing Use Case

In addition to the prospect that new SHIB holders may wager on the coin’s appreciation, investors are likely drawn by SHIB’s rising utility. It is worth mentioning that interest in meme-based cryptocurrencies waned as a result of unfavorable publicity around the coins’ supposed lack of utility.

Since June, Shiba Inu’s value has been on a roller-coaster ride, but the price has mostly remained low. The coin’s three-month high price was $0.000017 on August 15, and as of the time of writing, it had gained about 5% in the last 24 hours.

Previously, the majority of retail investors liquidated around the price and then sought entry points as the memetoken approached $0.00001.

Due to the massive concentration of tokens in the hands of small and medium-sized whales, Shiba Inu faces a significant increase in selling pressure whenever it succeeds to breach past local resistance barriers.

Holding On To The Meme Coin

Meanwhile, around 30% of SHIB investors have held the asset for more than a year, according to statistics from Into The Block. Despite the ongoing bear market, investors have generally abstained from disposing of their coins.

These holders are fostering a bullish mood among investors while aiming to eliminate SHIB as a quick-profit asset.

As of the time of writing, the trading volume of Shiba Inu is still declining, hence the token’s volatility remains high. The decline in trade volume is unfavorable for a coin that heavily depends on speculative appeal.

As the number of SHIB holders increases, it appears that interest in the coin is waning. Google Trends data indicates that global searches for the keyword “Shiba Inu” decreased to their lowest level in the past 12 months, suggesting that SHIB could be losing its most avid fans.

SHIB total market cap at $6.27 billion on the daily chart | Source: TradingView.com

Featured image from Daily Pets Care, chart from TradingView.com