As the cryptocurrency market continues to fluctuate, some coins are showing signs of bouncing back. According to the latest ranking from CoinMarketCap, some of these coins include SHIB, also known as Shiba Inu.
Over the past day, SHIB has seen a 1% increase in its rate. However, this increase has been overshadowed by the breaking of the local support level at $0.00001014. If SHIB remains below this mark until the end of the day, the fall may continue to the vital zone of $0.000010 shortly. Nevertheless, the daily timeframe shows that the price is still above the crucial support level of $0.00000982, which means the bulls are not ready to give up easily.
In the coming days, it’s more likely that there will be consolidation in the narrow range around $0.000010. This consolidation may prove essential for the coin’s stability in the long run, considering the volatility of cryptocurrency.
On the weekly chart, it’s vital for traders to keep an eye on the support level at $0.00001007. If the candle closes near or below this mark, SHIB can become bearish, with a potential decline to the $0.000009 area. This decline could negatively impact the cryptocurrency’s future value.
Shiba Inu started out as a meme-based cryptocurrency back in 2020 but gradually evolved into a mainstream coin with a vast following. It has been compared to Dogecoin, another meme-inspired currency, and has gained a massive following among the younger generation of investors, who are looking to make profits from their passion for internet culture.
The popularity of SHIB has led to an expansion in its use cases, with some merchants now accepting it as a form of payment. Despite the recent dip in value, the coin’s future remains promising, considering its strong community and ever-increasing use cases.
Investors looking to invest in SHIB or any other cryptocurrency should, however, approach the market with caution due to its volatile nature. The value of cryptocurrency can fluctuate frequently, and investors could, therefore, suffer losses if they don’t have a well-thought-out investment strategy.
In conclusion, while SHIB has experienced a slight increase in value over the past day, its future remains uncertain, with the breaking of the local support level at $0.00001014. Investors should, therefore, approach the market cautiously and do their research before investing in any cryptocurrency. Nevertheless, considering its strong community and expanding use cases, Shiba Inu has a bright future ahead.
