Shiba Inu (SHIB), a meme coin like Dogecoin, was the fastest growing cryptocurrency of 2021. The growth rate of the asset was mind-blowing, especially after posting a 46,000,000% price increase. Crypto analyst Christian Encila explains the impact of newly found support on SHIB price this week.
Are bullish windows closed for SHIB?
cryptocoin.comAs you can see on , the popular meme coin Shiba Inu (SHIB) has attracted a lot of investors. In fact, it is considered one of the reasons why a large percentage of cryptocurrency investors enter the market. It once exploded to such an extent that it made the first investors super-rich when they bought $10 worth of SHIB.
However, it saw a rapid depreciation afterwards. Also, the token is already at a point where some think its era is long over. Some crypto experts see no window for crypto to rise once again. SHIB is currently changing hands at $0.0001118, according to Coinecko at press time. It has already lost 87% of its all-time high on October 28, 2021. Also, it has been on a steady decline for the past 5 months.
Shiba Inu: Overcoming resistance
Due to the bearish and bearish trend, SHIB turned the $0.00001118 support range into the new resistance mark. This means that for now, the price of the token will not see any upward movement unless it breaks the resistance.
Sellers are already playing in the market and starting the pull towards $0.0000103. If they are successful, a recovery rally is likely soon. However, it’s also possible that the Shiba Inu is facing another spike.
SHIB went on a buying spree from June to August this year, encouraged by SHIBArmy. However, the token’s gains from this activity were cut off by sellers who stepped in and drove the price down once again.
Any bullish for SHIB until the end of 2022?
Despite suffering for five months, price projections for the end of 2022 and the year 2023 point to an eventual price increase. So not all is lost for the meme coin yet.
The Shiba Inu is in the middle of a metaverse deal that is expected to raise the token price to $0.00001501 by the end of this year. At this point, the lowest price of SHIB is expected to be $0.00001307.
However, since mid-September, SHIB’s social impact has been dwindling. Instead, it showed a small increase in price. Despite the decline, this data reflects SHIBArmy’s assurance. Meanwhile, the end of the 2022 bear market early next year will put the cryptocurrency in a better position. Estimates are for SHIB to trade a maximum of $0.00002271 in 2023
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