SHIB price analysis Archives

26th October 2023

SHIB Will Lose Place To PEPE In New Bull Cycle, Analyst Makes The Case

The crypto market is constantly in motion; there is a potential shift in SHIB and its position in the nascent sector. An analyst presented a bullish case for PEPE, which could directly impact SHIB’s position in the meme coin market.

As of this writing, PEPE has considerably outperformed SHIB and other memecoins. PEPE records a 14% increase in the last 24 hours alone and a 90% increase over the past two weeks, while SHIB records an 18% profit over the same period.

Shiba Inu SHIB SHIBUSDT

SHIB Investors Should Fear PEPE’s Impact?

An analyst believes that PEPE’s current price action will extend beyond the early stages of the current Bull Cycle, following a successful break out beyond the 7730 and 8127; as seen in the chart below, the cryptocurrency hit a critical resistance level. The analyst stated:

$PEPE That was a quick move upon retaking the range. First target at 10800 reached but ultimately I am holding a spot bag of this for the cycle to come. Still stand by the idea that $PEPE will be this cycle’s $SHIB.

SHIB PEPE SHIBUSDT PEPEUSDT SHIB Price PEPE Price

However, the analyst believes that PEPE’s rally is barely starting. The cryptocurrency reclaimed an important area and could continue to climb beyond its all-time high and into uncharted territory during the bull cycle.

Altcoins To Watch In Upcoming Cycle

PEPE is one of the altcoins the analyst is keeping an eye on. In addition to the meme coin, the trader expects the NFT and staking sectors to bloom in the coming months.

Apecoin’s APE and LidoDAO’s LDO have been rallying due to the current bullish momentum in the market. LDO alone could hit the $2 target in the short term and continue its run higher into the $3 territory.

Other cryptocurrencies to watch if these sectors trend to the upside are ETH, DOGE, BLUR, and ORDI. On APE, the analyst stated:

APE So far so good. Pretty strong and about to test an important high timeframe resistance area. Clear this and I think we can look for ~$1.8 next. If NFTs bounce as well that would help this.

As of this writing, APE is trading at $1.3 with a 25% profit in the past two weeks.

SHIB price SHIBUSDT PEPE APE LDO

Cover image from Unsplash, chart from Tradingview

19th September 2023

Shiba Inu Gearing Up For A 60% Surge? Key Indicators To Watch

Shiba Inu (SHIB) continues to be in a pivotal make-or-break moment. As described in our last in-depth price analysis of SHIB, two chart patterns on the 1-week chart could continue to determine the future of SHIB price, and their outlooks could not be more different.

We are talking about a bullish triple bottom that points to a possible end of SHIB’s two-year downtrend and a descending triangle that has been formed for over 13 months, indicating a bearish trend.

Shiba Inu Price Analysis: Update

At the moment, the bulls seem to have the upper hand. SHIB was trading at $0.00000741 at press time and managed a weekly close above the crucial support line of $0.00000715 on Sunday evening. With this, SHIB may have fended off the bears’ attack for now and is targeting a rise towards the descending triangle resistance line.

The possibility of a validation of the triple bottom, a bullish chart pattern, thus remains. The chart pattern is characterized by three lows at roughly the same level, bouncing off a support level and culminating in a breakout above resistance.

However, the bulls remain vulnerable. If the SHIB price falls below the $0.00000715 support level, it could confirm the descending triangle and potentially push SHIB towards its year-to-date low of $0.000006. A break of this level could plunge SHIB into uncharted waters and make a new all-time low a grim possibility.

On the way up, key resistances include $0.00000880 (23.6% Fibonacci), the descending triangle trendline at around $0.0000095 and $0.00001, $0.00001053 (38.6% Fibonacci), $0.00001193 (50% Fibonacci), and $0.00001332 (61.8% Fibonacci). As then, the August 2022 high at $0.00001784 could be extremely important resistance.

Shiba Inu price

4-Hour Chart: SHIB/USD

In the shorter timeframes, such as the 4-hour chart, we can see that the bulls cannot yet feel secure (yet). SHIB is currently stuck in the trading range between $0.00000688 (78.6% Fibonacci) and $0.00000797 (61.8% Fibonacci). After briefly falling into oversold territory (below 30) on September 11, the RSI has now risen to 42. However, this metric also shows that sentiment remains subdued.

SHIB price urgently needs to break above the 20-day EMA at $0.00000759 on the daily close to generate fresh bullish momentum. Then, resistance at the 61.8% Fibonacci retracement level ($0.00000797) would come into focus. The crossing of this resistance can be seen as a bullish confirmation in the shorter time frames.

Next price targets would then be the 50% Fibonacci retracement at $0.00000873, the 200-day EMA at $0.00000897, the 38.2% Fibonacci retracement at $0.00000949, and the 23.6% Fibonacci retracement at $0.00001043 before the yearly high at $0.00001596 would be within reach. A rise to this price level would mean a 60% rally for Shiba Inu buyers at the current price.

Shiba Inu price

11th August 2023

Shiba Inu (SHIB) Rides On Bullish Waves As Shibarium Launch Nears, Buy Now?

This cryptocurrency, Shiba Inu dog-inspired logo, has garnered significant attention in the crypto community. As the highly anticipated Shibarium launch draws near, Shiba Inu (SHIB) is riding on bullish momentum.

In terms of the 7 days price gain, the meme coin is outperforming other notable assets like Bitcoin (BTC), Ethereum (ETH), XRP, and Dogecoin (DOGE), representing less than 1% price increase. Investors and enthusiasts are now considering whether to buy in as the project’s new development unfolds.

SHIB Price Gains Momentum As Shibarium Nears

A recent examination of on-chain data by IntoTheBlock exposed a remarkable rise in transactions related to SHIB ranging from $100,000 to $1 million, demonstrating an astounding surge of 300% over the last month. The current upward movement can also be linked to a post by the main developer, Shytoshi Kusama, on July 31.

He stated that the launch of Shibarium is fast approaching, prompting the need to “mint the remaining supply of BONE and renounce the BONE contract.”

Recall that the lead developer of Shiba Inu, Shytoshi Kusama, mentioned in a blog post on July 6 that the team plans to talk about and maybe launch Shibarium, the awaited layer 2 technology, at the ETHToronto and ETHWomen hackathons in Canada in August 2023.

He also shared a statement directly on the X application: “Here’s a math equation for those who like math. I won’t make it long: Shib > X.” Going by his timeline, the eagerly anticipated release of the Layer 2 Shibarium will be on August 15-16 as part of the ETH Toronto event.

Launching the long-awaited Shibarium will likely boost investors’ interest and hype within the Shiba Inu ecosystem. After Shibarium is launched, more people could want to invest in the $SHIB token, as it might create a new wave of excitement.

SHIBUSD price chart

Technical Indicators Signal Bullish Momentum

As the Shibarium launch nears, the coin experienced bullish sentiment evident in the 4-green candles on the daily chart. According to the chart, SHIB/USDT has approached the upper Bollinger Bands indicator, suggesting a high bullish pressure.

The upper Bollinger Band is a resistance level, indicating that the coin’s price might be challenging to sustain further upward movement without a pullback. A breach of the upper Bollinger Band could signal a continuation of the uptrend, but if the price fails to break through and starts to decline, it might indicate the beginning of a retracement.

With the RSI level at 69, the coin’s price might hover in the overbought territory, suggesting a potential slowing down or a reversal. However, the MACD above the signal line indicates positive momentum and potential upward movement.

So the RSI indicates that the coin might be due for a corrective pullback, but the MACD suggests there is still buying interest.

Considering the analysis, the coin could observe a period of consolidation or a minor dip before a potential continuation of the upward trend. Traders should closely monitor price action, especially around key support levels at $0.0000077, and be prepared for potential short-term volatility.

As of today, Shiba Inu is trading at $0.00000105. According to CoinGecko statistics, it has advanced by 18% & 24% over the last 7 and 14 days, respectively.

3rd November 2022

Shiba Inu Continues To Hold Gains While Market Plummets

Shiba has piggybacked on the recent meme coin surge to keep 13% gains last week. The entire meme coin category enjoyed an upswing in the last seven days thanks to Elon Musk’s Twitter takeover. The main attention was on Dogecoin due to speculations of the billionaire adding it as a payment option on the social media platform. However, the Shiba army saw it as an opportunity to push their token to the green zone.

October 28 saw Shiba Inu break out of its bullish pennant structure, attracting fresh buyers. This bullish volatile break propelled Shiba towards its high liquidity zone at the Point of Control (POC) in the $0.00001204-area. The breakout has also helped the token register substantial gains on the day. At press time, Shiba is trading at $0.00001204.

Shiba’s Relationship With Dogecoin

The value of Shiba Inu has often increased simultaneously with that of Dogecoin. Unless there is a sudden shift in the price of meme coins, this pattern will likely persist, at least temporarily.

On Halloween, Musk posted a photo of a Shiba Inu dog wearing a Twitter outfit and holding a Twitter pumpkin. He then added a wink emoji as a caption. As expected, the value of Musk’s favorite cryptocurrency, Dogecoin, increased, pulling Shiba Inu along.

In the minutes following his post, DOGE decreased by 3.02%. Shiba Inu also saw a significant increase, but not as large as DOGE. It rose by almost 5% to a new local high of $0.0000132. After the initial excitement subsided, the Shiba Inu is now held a 5.17%, trading at $0.0000128. But as of writing, Shiba Inu has shed all that gain and now trades at $0.0000120, over 5%% loss.

SHIB’s price is currently trading at $0.000012. | Source: SHIBUSD price chart from TradingView.com

SHIB’s 20 EMA Become Strong Support After Breakthrough.

Shiba Inu concluded a compression period when it surged above the $0.0000101 level. Buyers drove a volatile break above the 20 EMA (cyan), the 50 EMA (blue), and the 200 EMA (green). This latest upswing in SHIB has drawn a bullish pattern on the 4-hour time frame. The pattern broke out after a robust rejection of lower prices at the 20 EMA, accelerating buying pressure.

As the 20/50/200 EMAs all pointed north following the golden cross, buyers could try controlling the short-term trend. A rejection from the $0.000013 area might put an end to the run of positive candlesticks. With that in mind, the price of $0.0000123 may serve as the first significant support level that bears try to break. The token might see short-term gains if it closed above the $0.0133 level immediately or eventually. As a result, SHIB may see a bearish invalidation and try to revisit the $0.0000141 resistance level.

The Relative Strength Index (RSI) also rose over 50, indicating robust purchasing power. The latest string of green candlesticks also had large volumes that indicated an underlying optimistic attitude. Buyers can measure the likelihood of a bullish invalidation by watching for a big reversal on the relative strength index.

Featured image from Pixabay and chart from TradingView.com

30th October 2022

Shiba Inu (SHIB) Sees Over 26% Gains During Market Recovery

It’s been a green October ending for the entire crypto market, and the meme coin section is no exception. Shiba Inu, the biggest Dogecoin rival, has fluctuated 26% gains after joining the recent market-wide correction.

Earlier in the day, the top-20 coin had a 24-hour high of $0.00001488. It even looked like it’ll break through the $0.000015 mark. However, it faced serious rejection and fell back to $0.00001251. With this fall, Shiba Inu has lost 0.52% on the day. Nonetheless, it might enter into November with a solid price range if it finds support.

However, higher price rejection during the current rebound rally may soon present a reversal opportunity.

Shiba Inu Surges Alongside Other Memecoin, Can It Sustain The Growth?

Shiba Inu has joined the surge in meme coins with Dogecoin as billionaire Elon Musk completes his Twitter takeover. The cryptocurrency market recovery, marked by rising altcoin demand, has continued alongside a week of gains in U.S. markets. After a week-over-week increase of 48%, the price of Shiba Inu soared to the $0.000015 level. It surpassed the important Exponential Moving Averages(20, 50, and 100).

In retrospect, the bullish breakthrough of the consolidation that occurred between $0.0000104 and $0.00000955 was the spark that ignited the rally. The altcoin’s current market price is $0.00001255. This represents a 0.52% decrease intraday and a rejection of $0.000015. Shiba Inu might retest the $0.00001255 0.5 FIB level or the $0.0000128 0.382 Fibonacci retracement level. But selling pressure at the overhead barrier of $0.000015 has to intensify for this to happen.

If the purchasing pressure continues throughout the corrective phase, the price of Shiba Inu will break above the overhead barrier. This would create a chance to enter the market and fuel positive sentiment. This means that a daily candle closing over $0.000015 can push prices up to $0.000016.

SHIB’s price is currently trading at $0.000012. | Source: SHIBUSD price chat from TradingView.com

New SHIB Wallets Reaches New Highs as it Gains Weekly High Of 33%

In a week when SHIB prices rose 9% and more, 6,000 new cryptocurrency wallets were created. CryptEye reports that the number of holders has hit a new record high. The total is within a few hundred accounts of the 2.22 million mark, thanks to the influx of new investors.

In the previous three months, the number of wallets with at least one SHIB transaction has climbed by 150,000. The most notable spike occurred between the middle and end of September. During this time, 87,000 new wallets were opened specifically to hold SHIB.

Despite a rise in the number of people holding a SHIB, it wasn’t enough to push the token’s price. Even though there are more SHIB holders, this does not mean that there are more quotes. One glaring instance is the massive liquidation of SHIB holdings by major Ethereum holders. A week ago, the top 100 ETH whales controlled more than $120 million in Shiba Inu; now, that number has dropped to around $40 million.

Featured image from Pixabay and chart from TradingView.com