Shiba Inu Price Rises in 24 Hours; Will SHIB Sustain the Recovery?

Shiba Inu, also known as ‘Dogecoin Killer,’ provided huge returns in one week last year. However, it could not hold the level. This volatility is the main drawback of meme coins, and many traders want this volatility to gain a higher return in the short term. Shiba Inu is an altcoin founded by the pseudonym ‘Ryoshi.’ It originated with a dog breed name and face resembling one of its competitors, Dogecoin.

The Shiba Inu founder announced that half of the coin supply is locked in Uniswap. The rest of the coins were sent to Vitalik Buterin, the co-founder of Ethereum. Later, he burned the coins and sent them to charities.

The market cap of Shiba Inu has decreased tremendously in the last year, which is not a good sign for long-term investment. It is a community-based coin, so the future depends on the community’s growth. However, it does not have many use cases to generate long-term revenue.

Many people regard Bitcoin as a safe investment asset because it has a limited number of coins in the market. It becomes scarcer in the future if more investors join the community, which is not the case for Shiba Inu.

Shiba price analysis

At the time of writing, SHIB was trading around $0.0000096. However, it may not cross the baseline of the Bollinger Bands around $0.0000094. If it crosses this level, the SHIB coin will be bearish in the short term.

On the daily chart, MACD is forming a green histogram with a bullish crossover. RSI is also stable at 47. Today’s candlestick is forming in the upper half of the Bollinger Bands.

We think this candlestick can be a deciding factor in predicting the short-term momentum of SHIB. If it comes again in the lower half of the Bollinger Bands, it is ideal for short-term trading with a strict stop loss. You may check our detailed SHIB price prediction before investing in the coin.

SHIB Price Chart

On the weekly chart, SHIB has been highly bearish. However, it has formed one green candle this week after nine consecutive red candles. As a meme coin, it is hard to predict the long-term future.

However, based on the weekly chart, we think it will find support around the $0.0000077 level, but we would not wonder if it fails to hold this support level. No one can predict the long-term future of meme coins because they are highly volatile due to news and announcements.

Trevor Holman

Trevor Holman follows crypto industry since 2011. He joined CryptoNewsZ as a news writer and he provides technical analysis pieces and current market data. He is also an avid trader. In his free time, he loves to explore unexplored places.

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