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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning
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Breaking News: Bitcoin Hits ATH Of $112,000, Expert Predicts Rally Is Just Beginning

Shiba Inu Price Holds Above $0.00001 – Is It Time For A Rally?

Opeyemi Sule
Opeyemi Sule
1 year ago
3 mins read
Shiba Inu

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Following its disappointing market dip last week, the price of Shiba Inu (SHIB) seems to be in recovery at the moment. In fact, some analysts are backing the meme-inspired token to embark on an impressive bullish run anytime from now.

Over the past 24 hours, Shiba Inu seems to be on a reversal after losing nearly 10% of its value during the week. Today, SHIB is up by 2%, and it appears to be building momentum for a price rally.

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Shiba Inu Remains In Red Despite Whales SHIB Buying Spree

1 year ago

Shiba Inu Holds Above Critical Support

Shiba Inu has been on a downward trend in the past few days, despite the buying frenzy by the SHIB whales. It is, however, worth noting that this whale accumulation trend has somewhat slowed down in the last 24 hours.

Bitcoin, the largest cryptocurrency by market cap, experienced a significant price drop in the previous week, which affected the entire crypto market. It is understood that the latest bearish trend of the blue-chip crypto impacted the value of several altcoins, including SHIB.

The Shiba Inu price decline started on Wednesday, 19th April, with the coin losing more than 5% of its value in one day. The meme token would fall by a further 7.47% in the next few days.

However, SHIB has displayed remarkable strength and stability by not sliding beneath the $0.00001 price level, which was last breached on March 10. Since rising back above this level on the same day, the Shiba Inu market has been in consolidation, with its price ranging between a low of $0.0000101 to a high of $0.0000117.

Time For A Rally?

As of this writing, a SHIB token is valued at $0.00001046, according to data from CoinGecko. This reflects a nearly 3% increase since the coin found support at the critical $0.0000101 level.

Shiba Inu

Shiba Inu trading at $0.00001041 | Source: SHIB/USD chart from TradingView

Shiba Inu’s ability to hold above this significant support level is a strong indicator of bullish momentum. After all, this threshold has proven to be a vital point a couple of times already. A sustained hold above this level would likely lead to a major price upswing.

Additionally, going by past price action, Shiba Inu looks set for another retest of the range high at $0.0000117. If there is prolonged buying pressure, we could see SHIB break this level to the $0.0000126 point. This move would represent a 20.4% increase from the current price.

While this projection looks very much plausible, it may not go as planned if the SHIB price does not gather enough bullish momentum from this current run. 

Related Reading

Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip

Shiba Inu Whales On Buying Spree, Add 311 Billion Tokens During Price Dip

1 year ago
Featured image from Dreamstime.com, chart from TradingView
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Opeyemi Sule
Opeyemi Sule

Opeyemi Sule

Opeyemi is a proficient writer and enthusiast in the exciting and unique cryptocurrency realm. While the digital asset industry was not his first choice, he has remained absolutely drawn since making a foray into the space over two years. Now, Opeyemi takes pride in creating unique pieces unraveling the complexities of blockchain technology and sharing insights on the latest trends in the world of cryptocurrencies.

Read more

Opeyemi savors his attraction to the crypto market, which explains why he spends the better parts of his day looking through different price charts. “Looking” is a rather simple way to describe analyzing and interpreting various price patterns and chart formations. However, it appears that is not Opeyemi’s favorite part - in fact, far from it.

Being able to connect what happens on a price chart to on-chain movements and blockchain activities is what keeps Opeyemi ticking. “This emphasizes the intricacies of blockchain technology and the cryptocurrency market,” he would say. Most importantly, Opeyemi thinks of any market insights as the gospel, while recognizing that he is only a messenger.

When he is not clicking away at his keyboard, Opeyemi is most definitely listening to music, playing games, reading a book, or scrolling through X. He likes to think he is not loyal to a particular genre of music, which can be true on many days. However, the fast-rising Afrobeats genre is a staple in Opeyemi’s Spotify Daily Mix.

Meanwhile, Opeyemi is a voracious reader who enjoys a wide category of books - ranging from science fiction, fantasy, and historical, to even romance. He believes that authors like George R. R. Martin and J. K.
Rowling are the greatest of all time when it comes to putting pen to paper. Opeyemi believes his reading of the Harry Potter series twice is proof of that.

Indeed, Opeyemi enjoys spending most of his time within the four walls of his home. However, he also sometimes finds solace in the company of his friends at a bar, a restaurant, or even on a stroll. In essence, Opeyemi’s ambivert (haha! been searching for an opportunity to use the word to describe myself) nature makes him a social chameleon who is able to quickly adapt to different settings.

Opeyemi recognizes the need to constantly develop oneself in order to stay afloat in a competitive and ever-evolving market like crypto. For this reason, he is always in learning mode, ready to pick up the slightest lesson from every situation. Opeyemi is efficient and likes to deliver all that is required of him in time - he believes that “whatever is worth doing at all is worth doing well.” Hence, you will always find him striving to be better.

Ultimately, Opeyemi is a good writer and an even better person who is trying to shed light on an exciting world phenomenon - cryptocurrency. He goes to bed every day with a smile of satisfaction on his face, knowing that he has done his bit of the holy assignment - spreading the crypto gospel to the rest of the world.

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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.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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