Shiba Inu: How This Newly Found Support Will Boost SHIB Price This Week

Christian Encila

2 years ago

3 mins read

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Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

Shiba Inu’s trading price is now its resistance marker
SHIB token now priced at $0.00001118
The meme crypto is forecasted to end 2022 with a price of $0.00001501

Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

It attracted a lot of investors and is recognized as one of the reasons a huge percentage of cryptocurrency investors found their way to the market.

It was such a hit back then that it made initial investors that were holding $10 worth of SHIB super rich.

But fast forward to the present, the token is already at a point when some are considering that its era has already ended and crypto experts are not seeing any window for the coin to rise once again.

SHIB is currently changing hands at $0.00001118 according to Coingecko at press time. It already lost 87% of its all-time high value achieved on October 28, 2021.

It has been on a steady decline for the past five months.

Shiba Inu: Breaking Through Resistance

Due to its slump and bearish activity, SHIB turned its support range of $0.00001118 into its new resistance mark.

This meant that for the time being, the token’s price won’t see any upward movement, unless it breaks through the resistance.

Sellers are already at play in the market, initiating the pull towards $0.0000103. If they become successful, Shiba Inu could be facing another immediate decline although it is expected to make a recovery rally soon after.

There was a buying spree from June to August this year courtesy of the SHIBArmy. However, the gains the token got from that activity were trimmed by the sellers that entered and pull the price down once again.

SHIB Seen Rising By End Of 2022

Despite suffering for five months now, all is not lost for the meme token as price predictions for the end of 2022 and the year 2023 point at an eventual price increase.

Source: Santiment

Shiba Inu is in the midst of a metaverse platform deal that is expected to propel token price to $0.00001501 by the end of this year. The lowest price of SHIB at this point is expected to be $0.00001307.

Ever since about the middle of September, SHIB’s social influence has been steadily dwindling. Instead, it showed a tiny increase in price. Despite the traction, this reading reflected the SHIBArmy’s assurance.

Meanwhile, an end to the 2022 bear market by the early part of next year will put the crytpocurrency in a better position.

SHIB is forecasted to trade at a maximum value of $0.00002271 in 2023.

SHIB market cap at $6.4 billion | Featured image from Paper Writer, Chart: TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.