Shiba Inu Coin has been experiencing sideways movement after the recent market correction, causing some concern among investors. The volume of SHIB trading has reduced due to previous volatility before consolidation. Recent SHIB price correction has pushed the SHIB’s price below its prior high.
The crypto market’s recent downturn has impacted several cryptocurrencies besides Shiba Inu Coin. This correction typically represents a period of price correction after a surge. Essentially, the market is taking a breather and re-evaluating current price levels. According to data from CoinMarketCap, the price of Shiba Inu is at $0.00002148. That represents a 2% decline during US trading hours on Thursday. Investors, currently are eyeing the price around $0.00002.
Shiba Inu Coin: Ready for Bull Run?
SHIB is currently ranked 11th in terms of market capitalization among all cryptocurrencies. Over the last 24 hours, there has been a 1.79% increase in trading activity. A total value of $765.61 worth of SHIB coins was either bought or sold in 24 hrs. Despite increased trading volume, SHIB’s market capitalization has decreased by 1.89%. So even with the increased trading, the total value of all SHIB in circulation has reduced slightly.
Shiba Inu Coin’s Transfer to Coinbase
A common concern amongst investors is SHIB holders selling their coins on the popular crypto exchange Coinbase. Recently 4.29 trillion Shiba Inu coins were transfered to Coinbase. It is a significant event that could signal potential market reversals for SHIB.
When a large amount of SHIB comes to an exchange like Coinbase it can upset the balance between supply and demand available for trading. The sudden selling could lead to a temporary increase in supply on the Coinbase exchange. Coinbase is currently offering SHIB staking on its platform. This transfer may lead to a surge in trading volume for SHIB on Coinbase.
Investors see this transfer as a sign of increased interest in SHIB and may come forward to buy it. This would potentially lead to a temporary price increase.
Shiba Inu Coin (SHIB) Consolidation: Buying Opportunity or Downtrend Pause?
SHIB is facing a crucial resistance point at $0.000022. This means that there is selling pressure at this price level. This is preventing the price from moving up easily. If SHIB successfully crosses the resistance at $0.000022 then it could be a sign of a bullish trend. This breakout could take the price to $0.000025.
If the price reaches $0.000025 and maintains that level then it can move towards $0.00003. This will be a significant price increase for SHIB. On the other hand, if sellers overpower buyers at the current resistance point of $0.000025, it could push the price down. If investors panic and sell their SHIB holdings, the price may drop to $0.00002 or even lower.
A possible increase in selling pressure may cause the SHIB price to decline shortly. However, other factors may also be responsible for the decline.
Shiba Inu Coin: Where do Investors Stand?
SHIB is at a crucial juncture and investors are glued to the trading charts. This is nothing new in the crypto world. If SHIB breaks resistance then the prices will rally, or else it will fall further.
Investors should do their own research on buying or selling SHIB as different traders go with different strategies. Some suggest buying with the dip strategy, others suggest buying when a crypto is doing a bull run.
Remember, SHIB has seen a significant rise from this holding price in the past as well. An investor should not be hasty to sell or buy when a coin fluctuates in a market. It is best to seek financial advice before buying or selling to avoid being regretful later.
