Shiba Inu (SHIB), a chest coin like Dogecoin, was the fastest growing cryptocurrency of 2021. The growth rate of the asset was mind-blowing, especially after recording a price increase of 46,000,000%. Crypto analyst Christian Encila explains the impact of the newly found foundation on the SHIB price this week.
Are bullish windows closed for SHIB?
Koindeks.com As you can see on , the well-known chest 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 so much that it made the first investors who bought a $10 SHIB incredibly strong.
However, it saw a rapid loss of price afterwards. Also, the token is essentially at a point where some think its era is long over. Some crypto experts see no random window for crypto to rise once again. SHIB is currently changing hands at $0.0001118, according to Coinecko at press time. He has already lost 87% of his all-time high cost on October 28, 2021. Also, it has always been on the decline for the last 5 months.
Shiba Inu: Overcoming resistance
Due to the bearish and bearish trend, SHIB has turned the $0.00001118 reinforcement range into the new resistance mark. This means that for now, the price of the token will not see a random top move unless it breaks the resistance.
Sellers are actually playing the market and kicking off the real draw for $0.0000103. If successful, a recovery rally is expected soon. However, it’s also possible that the Shiba Inu is facing another slump.
SHIB went on a buying spree from June to August this year, encouraged by SHIBArmy. However, the benefits of the token from this activity were cut by the sellers who stepped in and brought the price down once again.
Any bullish for SHIB until the end of 2022?
Although it has suffered for five months, price cuts for the end of 2022 and for 2023 point to a definite price increase. So all is not lost now for chest coin.
The Shiba Inu is in the middle of a metaverse consensus 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 societal influence has been waning. Instead, it showed a small increase in price. Despite the decline, this information reflects SHIBArmy’s guarantee. In the middle, the end of the 2022 bear market early next year will put the cryptocurrency in a better position. Estimates are for SHIB to process a maximum value of $0.00002271 in 2023