The crypto market has made major gains and several altcoins have gained in value. Some have even created new all-time highs. However, some altcoins such as Shiba Inu have failed to register gain despite the uptrend. The coin has made a dip in the past 24 hours, and on a 30-day scale, SHIB’s value has dropped by 10%.
Shiba Inu is trading at $0.00000691 at the time of writing after a 7.1% dip in 24 hours.
SHIB Price Analysis
Source: Tradingview
SHIB is among the altcoins that have made losses in the past 24 hours. The downtrend comes despite market support, which is attributed to bitcoin’s upswing to the $52K mark. While most altcoins have been making major rebounds over the past month, SHIB has been making losses.
The price of Shiba could continue with the downtrend, and it could retest the lower support level of $0.0000065. The current downtrend could also trigger selling pressure from traders, in which case we could see SHIB heading towards bigger dips.
On the other hand, the current dips could trigger buying support from traders accumulating more during the dip, given that the broader market is still bullish. In this case, we could see SHIB heading towards the next upper resistance of $0.000007 and $0.0000075. A stronger bullish trend could also push SHIB towards $0.000009, and the coin could form another major bull run.
Meme coins have not been leading gainers in the recent crypto market rebound. Whilst most altcoins have created new monthly highs, meme coins have been facing heavy resistance that has affected prices.
However, interest in SHIB continues to grow, which can be proven with the recent report from Whale Alert. On its Twitter feed, the platform stated that a whale account had purchased 150 billion SHIB coins worth over $1.1 million. This shows a trend of traders accumulating more coins during the dip.
Where to Buy SHIB
If you want to buy SHIB during the current bull rally, you can create a cryptocurrency exchange account on eToro. eToro is a social copy trading platform that supports new traders by allowing them to follow the strategies of expert traders. eToro also charges low trading fees and commissions and comes with user-friendly features.
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