Shiba Inu has seen some significant gains over the past couple weeks. It’s still the hottest crypto on the market with over $2.6 billion $SHIB traded in the past 24 hours. Let’s take a closer look Shiba Inu and see whether it’s ready knock down another zero.
We speculated last night that $SHIB will continue trading sideways as our indicators have showed. We ended the prediction with:
“The longer $SHIB can hold the current support, the better chances Shiba Inu has of breaking through $0.00006 and reversing its momentum.”
Source: Tradingview
Taking a second look at last night’s chart, we can see the market did exactly that.
I’ve been seeing a lot of price predictions when it comes to $SHIB, however, one big factor they fail to mention is that Shiba Inu will amplify Bitcoin’s and Ethereum’s moves.
Take a look at the following chart which shows SHIBUSDT, BTCUSD and ETHUSD:
Source: Tradingview
You can notice a clear pattern emerging between the three. Because Shiba Inu is a more speculative coin, the price will be extremely sensitive to fluctuations in the overall crypto market. The good news is, the global cryptocurrency market is doing quite well, recently hitting over $2.8 trillion in market cap.
The big question is whether $SHIB is ready to double in price and knock down another zero. A recent article by FX Street suggests that may happen if $SHIB is able to break through $0.00006.
In my opinion, the market needs a few more days to consolidate and recover from the massive fluctuations last week. If Bitcoin and Ethereum continue trading sideways, that will provide enough momentum for $SHIB to break through $0.00006 and rally to $0.0001. Shiba Inu can double in price again, the question is when.
This is not trading or investment advice, always do your own research when buying any cryptocurrency.
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Originally published on The VR Soldier
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