Shiba Inu (SHIB) Price Analysis: SHIB/USD Steady at 0.000027. Is $0.00034 Coming Next? - Forex News by FX Leaders
Shiba Inu (SHIB/USD) still facing $0.000030

Shiba Inu (SHIB) Price Analysis: SHIB/USD Steady at 0.000027. Is $0.00034 Coming Next?

Posted Monday, October 11, 2021 by
Arslan Butt • 2 min read
  • The SHIB cryptocurrency, which was created in less than a year, has increased by nearly 300 percent this week alone.
  • Shiba Inu is “pointless,” according to Michael Burry, the financier famous for correctly anticipating the 2008 US financial catastrophe.
  • On the 4-hour timeframe, the SHIB/USD coin is trading choppy in-between a narrow trading range of 0.000027- 0.000025 level.

The SHIB cryptocurrency, which was created in less than a year, has increased by nearly 300 percent this week alone. Thanks to Elon Musk‘s tweet about his new puppy [Shiba Inu]. Within a short period of time, the SHIB has amassed a market capitalization of approximately $3 billion, with a rapidly developing community behind the initiative. Can the Shiba Inu (SHIB) price analysis maintain its current price gain after reaching an all-time high, or can we expect a pause in the upward trend?

Let’s find out by analyzing the technical and fundamental side of the market. 

Michael Burry’s Stance on Shiba Inu

According to Michael Burry, the financier famous for correctly anticipating the 2008 US financial catastrophe, Shiba Inu is “pointless”. Burry’s contempt for the DOGE offshoot stems from its inflationary supply. The supply of meme coins has now surpassed one quadrillion coins. 

In contrast, Bitcoin and related cryptocurrencies can be used as an inflation hedge. BTC is currently widely regarded as digital gold by many observers, due to its finite supply of 21 million coins. 

Marion Laboure, an analyst at Deutsche Bank Research, recently stated that she believes Bitcoin has the potential to become the gold of the 21st Century. Burry also made comments about Bitcoin’s future on his now-defunct Twitter account. He allegedly stated,

“$BTC is a speculative bubble that poses more risk than opportunity despite most of the proponents being correct in their arguments for why it is relevant at this point in history.”

Shiba Inu (SHIB) Price Analysis

Despite Burry’s forecast, Bitcoin has remained at the top of the capitalization ranking, and Shiba Inu has risen to the top 15. The meme coin had a market cap of more than $10.3 billion at the time of publication.

 

Shiba Inu (SHIB) Price Analysis
Shiba Inu (SHIB) Price Analysis – 4-Hour Chart

Shiba Inu (SHIB) Price Analysis: Symmetrical triangle’s range support at $0.000025 

On the 4-hour timeframe, trading in the the SHIB/USD is choppy, within a narrow trading range of 0.000027 to 0.000025. Shiba Inu has reversed after placing an ATH (all-time high) at 0.000035, and now it’s trading at 0.000027. 

Can we expect SHIB/USD to go after $0.000034 soon? 

Well, this is very likely, as the fundamentals favor Shiba Inu, and Binance exchange is also going to launch its trading soon. Thus, it may drive more volume from Binance customers.

As we can see on the chart, the coin has formed a symmetrical triangle pattern that suggests indecision among investors. However, the RSI and 50 SMA (simple moving average) demonstrate a buying trend in Shiba Inu.

On the bullish side, a breakout at 0.000027 could push the SHIBA/USD up to the 0.000030 resistance level. At the same time, another breakout at the 0.000030 level could create additional room for buying, until the $0.000034 level. The support remains at the 0.00002585 and 0.00002434 levels today. All the best!

 

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