Shiba Inu has done quite a bit over the past few weeks. With over $2.6 billion of SHIB traded in the last 24 hours, it remains the most popular cryptocurrency on the market. Let’s take a closer look at Shiba Inu and see if we’re ready to break another zero.
As the indicator shows, we speculated last night that $SHIB would continue to move sideways. Prediction ended.
“The longer the SHIB dollar can maintain its current support, the more likely it is that Shiba Inu will break through $0.00006 and return momentum.”
Looking back at last night’s chart, we can see that the market did exactly that.
We saw a lot of price predictions when talking about $SHIB, but one important factor we didn’t mention is that Shiba Inu will amplify the trend in Bitcoin and Ethereum.
Take a look at the chart below showing SHIBUSDT, BTCUSD and ETHUSD.
You can see that there is a clear pattern between the three. As Shiba Inu is a more speculative coin, its price is very sensitive to fluctuations in the entire cryptocurrency market. The good news is that the global cryptocurrency market has performed well recently, with a market value exceeding $2.8 trillion.
Is Shiba Inu ready to knock down another zero?
The big question is whether $SHIB is ready to double the price and drop back to zero. According to a recent article on FX Street, this could happen if $SHIB can break through $0.00006.
In my opinion, it will take a few days for the market to consolidate and recover from last week’s volatility. If Bitcoin and Ethereum continue to move sideways, $SHIB will provide enough momentum to break through $0.00006 and rebound to $0.0001. The price of Shiba Inu could double again. The question is when.
This is not a trading or investment recommendation. Do your own research when buying cryptocurrencies.
Follow us on Twitter @themerklehash for the latest cryptocurrency news.
Originally posted in VR Soldier
Information Source: Compiled with 0x information from THEMERKLE. The copyright belongs to the original author, and unauthorized reproduction is prohibited.
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