The meme coin that took over the market after the Dogecoin (DOGE) is Shiba Inu (SHIB).
Shiba Inu (SHIB) has been very bullish on higher time frames. Looking at the monthly time frames, SHIB seems to be in a bullish trend for the long term. SHIB created its all-time high at the price of $0.008854 during the month of October 2021, but the price couldn’t be sustained and soon after for the next three weeks the price dropped down to a value of $0.00003560.
At the time of writing SHIB is being traded at the price of $0.00005146 with an increase of almost 31.73% in the past 24 hours. The trading volume has also increased by almost 444.03% today. It has a market dominance of about 1.07% and ranks in the 11th spot. It has a total supply of 589B coins and a circulating supply of 549B.
Technical Analysis – Shiba Inu (SHIB)
Shiba Inu (SHIB) has been printing green candles throughout the day. After the bounce from BTC, the price of SHIB has been continuously rising. Now the price has tapped into the daily order block. This was the point from where the SHIB had rejection before and started to fall down. The structure got broken down but it eventually reversed.
It can be seen that the price went down to grab the liquidity which provided it with the necessary fuel to rally upwards. Now the structure has once again reversed.
A possible movement now is the rejection of the price from the daily order block. This would result in a drop in the price. If the bullish structure is to be maintained, then it must stay above the structural shift position. From there we can look for a possible long depending on the lower time frame confirmations. If we get it then the price would rally upwards.
Invalidation of this scenario would be SHIB stabilizing above the daily order block which would be the confluence of the price to move higher.
Price Prediction – Shiba Inu
Shiba Inu has been one of the most bullish coins in the market. According to the wallet investor, the price of SHIB can be expected to reach a value of $0.000089 in one year. In five years the price is expected to reach a value of $0.000289. But people are eying a much higher value of Shiba Inu (SHIB)
