Shiba Inu, one of the dogecoin’s greatest competitors, has been having bliss in the past week because of the gains garnered from the broader crypto market. As one of the popular meme coins, Shiba Inu has attracted the attention of crypto influencers who are always pushing for community support to help place Shiba Inu on the map.
SHIB is trading at $0.00000624 at the time of writing after a 3.5% decline.
SHIB Price Analysis
Shiba Inu’s market volatility is still slightly high; hence we could see price fluctuations towards an uptrend or a downtrend. The token managed to reach the $0.00000650 resistance level over the weekend, but this was quickly corrected, and SHIB dipped again.
If SHIB manages to bag another uptrend, we could see a rally towards $0.0000066, with the next target being $0.000007. This could trigger a bull run for SHIB, with investors hoping that such an uptrend will hold for a while.
On the other hand, if SHIB fails to breakout past $0.00000650, we could see another downtrend, where prices could go all the way to $0.00000590. Selling pressure at this point could trigger an even sharper retreat where prices will hit $0.00000459. With most of the market currently in the red zone, the retreat might be inevitable.
After ShibaSwap was launched a month ago, the DEX platform showed much promise after clocking $1 billion in Total Locked Value (TVL) within 24 hours after launch. However, the platform has quickly shed off around 80% of its TVL in the last two weeks. The TVL currently sits at around $390 million, which paints a strong bearish flag.
SHIB has also failed to perform as expected after being listed on eToro. The multi-asset investment platform listed SHIB following growing demand from clients. Previous trends have shown that when a token is newly introduced to exchange, its value appreciates. However, the lack of this trend after SHIB’s listing on eToro shows that investors are not interested in buying despite the slight bullish trends.
Where to Buy Shiba Inu
You can purchase SHIB from eToro. eToro is one of the leading cryptocurrency exchange platforms. Besides, eToro charges competitive trading fees, and it supports a wide range of cryptocurrencies and trading pairs. eToro is renowned for supporting new traders because of supporting user-friendly features such as copy trading to allow new traders to learn from seasoned traders.
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