Today we are going to look at the price analysis for Shiba Inu. How possible will it be to witness an upward trend by the end of the week? SHIB, widely known as the second largest memecoin by trade volume after Dogecoin, has experienced lots of development this year.
With the hard work of its team and the dedicated support of its loyal community, the token has successfully expanded its use case thanks to the launch of Shibarium, a layer 2 blockchain solution.
Will the price of the token remain in the green zone by the weekend? let us get to it.
SHIB/USD price analysis
According to live data from Coinstats, it may seem like the sellers are getting back in the market. Per the data, the price of SHIB has grown by 1.1% in the last 24 hours.
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A close look at the hourly chart shows that Shiba Inu is experiencing a bearish momentum as the rate dropped back to the $0.00000757 local support level. If the price does not bounce back by the end of today, then traders should expect a further decline to the $0.0000075 zone.
Source: TradingView
On the daily chart, the price keeps declining. By the end of the week, traders should expect to see a further fall to the $0.00000720–$0.00000740 region if the bar closes close to yesterday’s low.
Source: TradingView
However, looking from the midterm point of view, there are many days left before the bar closes, so it will be too early to make any predictions. Nevertheless, if we see a close below the $0.000008 mark, then sellers might take over the market.
Shiba Inu (SHIB) price today
Source: Coinstats
Meanwhile, live data shows that Shiba Inu is currently changing hands at $0.00000788. What is more, SHIB has a 24-hour trading volume of $146,351,870 ($146 million) and maintains its 19th position on the global crypto market chart with a live market cap of $4,641,142,284 ($4.6 billion).
Read more:
- Shiba Inu Team Shares Important Update on How To Avoid Scams on Shibarium
- Shiba Inu Marketing Strategist Encourages Holders to Use Shibarium
- XRP Price Reaches Multi-Week High Amid Market Boom: See Why
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.