Shiba Inu (SHIB) has seen lucrative sessions over the previous week as the overall cryptocurrency market saw price upticks. The meme coin has had impressive rallies recently due to the support by cryptocurrency influencers.
While writing this content, SHIB trades at $0.00000624 after losing 3.5% of its value.
Price Analysis
At the moment, Shina Inu seems to have increased volatility. That way, the asset’s price has chances to rally upward or plunge. SHIB managed to overpower the crucial resistance at $0.00000650 during the weekend’s sessions before correcting again.
If the alternative coins registers robust upward moves, traders might see SHIB rallying to $0.0000066 and $0.000007 with high bullishness. For now, investors hope that the altcoin would register extended rallies.
Meanwhile, with inadequate bullish movements, SHIB will fail to break over $0.00000650, falling towards $0.00000590. Magnified selling pressure in this zone might cause a drastic decline towards $0.00000459. As the crypto market appears to be in the red area, a retreat can be unavoidable.
SHIB saw meteoric price movements after the ShibaSwap launch almost one month ago.
The platform showed impressive moves after locking $1 billion in TVL (Total Value Locked) within a day after the launch.
However, the platform lost about 80% of TVL over the last two weeks, hovering at $390 million, depicting massive bearishness. SHIB went against the expectation of many analysts after failing to perform to the expected levels following the eToro listing. The crypto platform decided to list SHIB after the increased customer demand.
Previously, digital tokens have seen price upticks after a crypto exchange introduction. However, the situation was different with SHIB as investors seem not interested in the crypto purchase regardless of the recent slight bullish moves.
Should Buy Shina Inu?
Before you buy any digital coins, research well to understand the asset and all related risks. If you think that the current conditions present an opportunity to purchase SHIB, you need not worry.
eToro is a leading exchange platform that you can utilize to buy the coin. Also, the exchange has other digital assets that you can trade. Market players think Shiba Inu will register new highs in the sessions to come with the correct sentiments.
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