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Shiba Inu: How This Newly Found Support Will Boost SHIB Price

Byharjotsinghjaspal

Oct 8, 2022
Shiba Inu
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Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

  • Shiba Inu’s trading price is now its resistance marker
  • SHIB token now priced at $0.00001118
  • The meme crypto is forecasted to end 2022 with a price of $0.00001501

Shiba Inu, a meme crypto like the Dogecoin, was the fastest growing digital coin of 2021. The rate at which the asset grew was mind blowing, especially after it recorded a 46,000,000% price increase.

It attracted a lot of investors and is recognized as one of the reasons a huge percentage of cryptocurrency investors found their way to the market.

It was such a hit back then that it made initial investors that were holding $10 worth of SHIB super rich.

But fast forward to the present, the token is already at a point when some are considering that its era has already ended and crypto experts are not seeing any window for the coin to rise once again.

SHIB is currently changing hands at $0.00001118 according to Coingecko at press time. It already lost 87% of its all-time high value achieved on October 28, 2021.

It has been on a steady decline for the past five months.

Shiba Inu: Breaking Through Resistance

Due to its slump and bearish activity, SHIB turned its support range of $0.00001118 into its new resistance mark.

This meant that for the time being, the token’s price won’t see any upward movement, unless it breaks through the resistance.

Sellers are already at play in the market, initiating the pull towards $0.0000103. If they become successful, Shiba Inu could be facing another immediate decline although it is expected to make a recovery rally soon after.

There was a buying spree from June to August this year courtesy of the SHIBArmy. However, the gains the token got from that activity were trimmed by the sellers that entered and pull the price down once again.

SHIB Seen Rising By End Of 2022

Despite suffering for five months now, all is not lost for the meme token as price predictions for the end of 2022 and the year 2023 point at an eventual price increase.

Source: Santiment

Shiba Inu is in the midst of a metaverse platform deal that is expected to propel token price to $0.00001501 by the end of this year. The lowest price of SHIB at this point is expected to be $0.00001307.

Ever since about the middle of September, SHIB’s social influence has been steadily dwindling. Instead, it showed a tiny increase in price. Despite the traction, this reading reflected the SHIBArmy’s assurance.

Meanwhile, an end to the 2022 bear market by the early part of next year will put the crytpocurrency in a better position.

SHIB is forecasted to trade at a maximum value of $0.00002271 in 2023.

SHIB market cap at $6.4 billion | Featured image from Paper Writer, Chart: TradingView.com



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