The Shiba Inu cryptocurrency coin has shown that even the most unlikely of breeds can make crypto investors millionaires in a very short time frame.
The dog-based digital currency to ever exist hopes to keep this trend going, but experts are skeptical about its future success.
The Shiba Inu has been consolidating for the past few months, which is why it’s easy to see how this will result in an upswing. The downtrend may be over, and SHIB could break out soon.
Shiba Inu Coin Price Prediction
Shiba Inu’s recent increase in price has created some interesting patterns, and it appears there may be more to come. On the 28th of October at $0.0000885 per token.
However, the price of Shiba Inu dived at the end of October, which was caused by an unknown whale moving $2.3 billion out of their crypto wallet and causing panic among investors.
The Shiba Inu’s price will increase as buyers accumulate the coin at a discount and trigger an upswing.
This zone starts from $0.0000328 to $0.0000446, where demand for these coins is high enough to support their incoming selling pressure without being overwhelmed by supply which makes this area crucial in providing stability during market fluctuations.
Shiba Inu price action is showing some signs that selling pressure may abate and a new swing low has been set. This opens up the possibility for Shiba to test another breakout above its bear market trendline.
Which will likely lead them back into green territory as investors eye up yet another opportunity for capital gains on these hot dogs.
According to Fxstreet,
“Shiba Inu price will make a run for the crucial barrier at $0.0000625, constituting a 40% ascent from the said demand zone”.
Is Shiba Inu a Safe Investement?
All crypto investments are risky, but meme coins like Shiba Inu should be considered especially volatile. You may lose everything you invest due to their wild price fluctuations.
However, according to experts, the SHIB coin can be a good long-term investment.
According to Johnny Lyu,
“Seeing bitcoin’s rise, some younger investors without a lot of money want to profit from crypto as well,” Lyu said, per MarketWatch. “But you’d need over $60,000 to buy one bitcoin. So they turn to Dogecoin and SHIB, where you buy tons using just $100.”
However, the Financial Conduct Authority in the UK Warned that,
“Investing in crypto assets, or investments and lending linked to them generally involves taking very high risks with investors’ money,” FCA’s statement said. “If consumers invest in these types of products, they should be prepared to lose all their money.”
Note: Before you invest in any cryptocurrency, please do your research and consider the risks. Cryptocurrencies are highly volatile.
