There has been a significant amount of volatility in the crypto market this year, with the Shiba Inu cryptocurrency falling to $0.00003067 on CoinMarketCap on January 3. After hitting a high of $0.00008845 on October 28, the currency has been trading below that high for the past two weeks. The cryptocurrency is now traded on the cryptocurrency exchange CoinDCX, which is also the largest bitcoin exchange in Asia. The company has been ranked as the first firm in India to reach a $1 billion valuation.
Despite the recent dip, the price of the Shiba Inu is expected to rise in the long term. It may take several years to hit a record high, but that is the nature of cryptocurrency markets. Forecasters are notorious for being wrong, so there is no surefire way to make a prediction. Nonetheless, the token remains a hot favorite among cryptocurrency investors, and it might be difficult for it to escape bear territory.
The Shiba Inu coin has been impacted by many factors, including regulatory crackdowns in other countries, as well as comments made by high-profile individuals. Its price has fallen by over 60% in the past twelve months, which is similar to the 60 percent correction in the price. The trendlines indicating the decline were drawn by Alex Kruger, an independent market analyst. The crypto has reached a record high on Sunday, but the drop in value is not over yet.
The Shiba Inu is currently a joke cryptocurrency, but it quickly rose to become an investor’s favorite. However, this may not last. The entire cryptocurrency market has taken a big hit this year, and the Shiba Inu has been no exception. In fact, its recent price fall is related to the fall in the entire market. The currency’s popularity may have reached a limit and investors have been dumping it.
According to Alex Kruger, the Shiba Inu is the most popular cryptocurrency in Asia. Its price has increased by over tenfold over the past year. The price has also dropped because of the massive amount of “whale” wallets that control a large percentage of the coin’s value. The biggest of these wallets has nearly seventy percent of the total value of the coin.
The Shiba Inu is a meme currency that is gaining momentum in the crypto market. Its price has hit the $0.000020 mark, and it’s currently on a bullish trend. In fact, it’s on its way to a $1 billion high in the coming year, according to its current price. It’s a good time to buy this cryptocurrency, but it can be volatile.
While the Shiba Inu cryptocurrency has already sliced below its lower boundary on October 8 and its 127.2% Fibonacci extension level at $0.00001744, it may have already started its decline. The price of the coin has also crossed the 200-day simple moving average (SMA) at $0.00002449. As the market continues to drop, the Shiba Inu crypto could fall another two-thirds of its value.
The Shiba Inu cryptocurrency price is likely to continue to fall along with the rest of the crypto market. As of the time of writing, the SHIB-USD has fallen roughly 20% over the past weekend, and has bounced back before dropping again. Currently, the coin is down about 8% in the past 24 hours, and nearly 80% below its all-time high. A ten-day SMA at $0.00002987 is also a potential resistance level. The 50-day SMA is close to the resistance line, and it sits near the lower limit of the Momentum Reversal Indicator’s’red’ color.
The Shiba Inu is currently trading at $0.000050 on Friday, with a 30% drop in late October. Although it has been a joke for investors, the cryptocurrency has gained massive attention and has risen to the ninth most valuable cryptocurrency token. Though the coin may not be able to break out of bear territory, it has been a solid performer over the past six months. While it is still in the early stages of its rise, it remains a top option for investors looking for a fast way to earn and lose funds.