Last Friday, Dogecoin’s rival Shiba Inu Coin price recorded its high price at almost $0.000077, but in recent times, it has fallen to $0.000045.
While in the case of its ATH price, the coin reached that spot in late October, but afterward, the price has seen downtrends, mostly. After its disastrous fall in price last month, the coin’s worth dropped to over $2.3 billion.
However, after the rapid fall in its price, the coin showed stable signals towards its platform.
It is noteworthy to mention that the meme-based digital coin has increased its price to over 60,000,000 percent from the last year. Furthermore, at the time of writing, Shiba Inu has a market cap of over 26 billion USD.
Is Buying Shiba Inu Risky?
A simple way to answer this is that investments are always risky whether you invest in digital assets or somewhere else, like a physical platform. In the case of investing in the cryptos, particularly Shiba Inu, make a mind of loss because all the digital assets are volatile, including SHIB.
If we compare the current scenario of the worth of the Shiba Inu coin, we can say that it has been in a downtrend because its price had dropped from $0.000077 to $0.000045.
Besides this, the net worth and market cap of the SHIB token have also dropped. Therefore, many experts and analysts are not interested in advising on investing in it.
Furthermore, this current downtrend is a temporary phase, and, hopefully, it will re-take its position of upward and bullish trends soon. After all the Shiba Coin could be a long-term investment, but it’s risky to invest in the short term.
Shiba Inu Coin Price Analysis
The SHIB token has set an interesting technical indication that the correction after its downtrend is on the way ahead.
As per the technical analysis alone, the critical support and resistance levels are identified. These levels are as below.
- Key Support level: $0.000035; $0.000032
- Key Resistance level: $0.000039; $0.000044
The recent and current drop in the price let the coin find its support level at 0.000035 USD. In the chart, the price appears at the end of the bullish descending wedge, highlighted in blue.
While in the case of the bias on the Shiba token, it is bearish until and unless a break above the blue wedge happens.
Furthermore, the RSI remains bearish on a 12-hour timeframe chart. The RSI only went under 30 points, which shows it is not good.
As of doing a technical analysis of SHIB’s price, some observe that it might consolidate for a few days before a breakout can be attempted.
Also, the MACD histogram and decreasing volume on the chart suggest a rally will happen in the near future, whereas it is also too early to confirm/predict this.