The Shiba Inu coin Price has been on a spectacular roll this week, topping out at $0.00008825 on Wednesday to set an all-time high for the currency’s value.
A new meme coin, which appears to be inspired by dogecoin and other cryptocurrencies, has exploded in value. The so-called “Dogecoin Killer” is up almost 30% over the past 24 hours, according to CoinGecko, with its price reaching $0.00006103 per token at the time of writing.
SHIB token was launched last year and has seen a 100% increase in value over the past week. With this success, there is now about $26 billion worth of these coins on exchanges worldwide, making them one of the most valuable cryptocurrencies out there.
SHIBA has more ambitious plans to expand its reach. The current trend in cryptocurrency will not stop this growth, and it seems like SHIB Inu is just getting started with what they have planned next for the crypto coin.
Shiba Inu Coin Price Forecast
The Shiba Inu has reached a new record high following an impressive break above the resistance trend line given by its famous bull pennant on the daily chart.
The sideways Shiba Inu price is not dissuading traders from betting on a bull run.
The sideways trading pattern suggests that after an upside break of its downtrend line. The likelihood for another bullish projection may occur with prices nearing 400%.
Shiba Inu coins also saw a recent surge. Still, they lost some of their gains after Tesla CEO Elon Musk made headlines for his love of dogecoin and tweets that he doesn’t own any “Shiba” cryptocurrency either way.
However, Shiba Inu Coin is on the way to reaching its target, and it seems like there’s no stopping them. SHIBA has already seen 200% growth recently.
As the price of Shiba Inu continues its climb, it will soon reach a vital retracement level. According to FxStreet,
“Shiba Inu price would discover immediate support at the 78.6% Fibonacci retracement level at $0.00007448, then at the 61.8% Fibonacci retracement level at $0.00006352”.
“Further selling pressure could see the canine-themed token drop toward the 38.2% and 23.6% Fibonacci retracement levels, at $0.00004813 and $0.00003861, respectively”.
Despite this, Shiba Inu cryptocurrency has been gaining momentum in recent months. It’s currently ranked No 10 with a current market cap of $36,305,147,720.
Moreover, Shiba Inu coins are a significant investment, but they can be volatile. Investors need to do their research before investing any money into the coin or cryptocurrency market since there is no telling what will happen next.