9:46 AM UTC
Shiba Inu (SHIB) has been consolidating ever since the brutal market correction. The cryptocurrency is now showing signs of the onset of bullish momentum. At the time of writing, SHIB crypto stands at a price level of $0.0000088. The price has increased by 5% in the past twenty-four hours while the daily trading volume has shot up by 100%.
The market outlook for Shiba Inu is neutral as the price movement has yet to enter a decisive stage. The technical indicators are standing at an overall position of neutral. Out of the total twenty-six technical indicators, six are giving out a signal of sell while neutral and buy indications stand at eight each. The oscillators are bearish while the moving averages are bullish.
Shiba Inu (SHIB) recently got rejected at a resistance level of $0.0000095. The price of the cryptocurrency began moving downwards after the rejection. However, a trader’s analysis shows that SHIB crypto will soon embark on an uptrend towards a resistance level at $0.00001. The price action at the resistance level will decide further future movements. A rejection may onset increased bearish divergence in the market.
Shiba Inu crypto does not have majorly favorable price predictions. Although the price of the cryptocurrency is expected to improve but not by a long margin. Shiba Inu belongs to the dog meme crypto community and the community has been subjected to criticism citing the cryptocurrencies do not provide any real value.
Wallet Investor’s one-year forecast places the cryptocurrency at a price level of $0.000020 while in five years’ time the price will be hovering near $0.000067. Digital Coin Price predicts Shiba Inu to be valued at $0.000012 by the end of 2021 while the five-year price is at $0.000038.