Altcoins have been gaining popularity throughout 2020 and 2021, with DOGE and SHIBA being two of the most famous cryptocurrencies in finance.
The Shiba Inu coin has been on a wild ride this week. After trading at a high trend on September 16, prices saw their worst downfall in just a few days as they approached a stable support floor.
The Shiba Inu’s price has gone through a period of rapid growth, but it seems to be regressing, as It rose 54% from September 13 to 17, but unfortunately, it didn’t sustain its upward trend.
The price of cryptocurrency in the financial market is always unpredictable. However, as it becomes more volatile, investors can expect another spike up soon enough as the pennant or triangle pattern continues to play out on SHIB’s financial market trend lines.
The Shiba coin is bouncing off at the moment and will retest $0.00000768 immediately, which could be a direct result of its recent increase in price. However, if buyers can manage to break through this barrier, then they are capable of touching $0.00000835 and giving the coin a 20% ascent in value.
If the support level for SHIB’s fails to gather momentum, it could go down and rest at $0.00000654 or below. This is a worst-case scenario because the SHIBA token has been steadily increasing in value over time, so there’s no guarantee that these fluctuations will have any significant effect on their investment portfolios.
So far, the Shiba Inu price has been on an upward trajectory. However, if it closes below $0.00000549 for a day or two and continues to drop from there will create what’s called “lower low.” This would invalidate any previous bullish theories.