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Shiba Inu is currently having a bullish run, with a newfound resistance level at US$0.0000227
After staying at a stable price for quite some time, Shiba Inu is raring to break the US$0.000030 mark. SHIB has clearly initiated a bullish run in spite of the bearish sentiment prevailing in the cryptocurrency market. With this move, Dogecoin killer will gain an edge over other digital tokens in the coming days. Shiba Inu has found a resistance level at US$0.0000227 and is constantly scaling up the price charts.
Shiba Inu was doing far well than other coins in 2021. The Dogecoin competitor recorded an astounding growth of 45,000,000% growth reaching US$0.000033 in the end from US$0.000000000073 at the beginning of the year. Shiba Inu’s price dropped by 63% after reaching an all-time high in October. Though it lost its position in the top 10 cryptocurrency list, the ever … SHIB army did not lose hope. And finally, as a relief, as Shiba Inu is doing well, it proving to be worth holding onto it. The current flip from the resistance point is expected to touch a dissenting triangle where it could face rejection. As per experts’ opinion, SHIB can easily pass through this phase and start performing well in the coming months.
Where Shiba Inu is headed towards?
According to FXStreet, Shiba Inu’s price set up three swing lows around a vital support level. This caused a trend reversal, which eventually could trigger a bull run. Even when the whole cryptocurrency market was extremely gloomy and top digital tokens faced back-to-back hits, SHIB managed to record 75% growth in the past two months. Finally, the Dogecoin killer has shifted its resistance level into a support formation, giving rise to a triple bottom. This reversal pattern will make Shiba Inu price hop on a massive bull rally.
So where is Shiba Inu’s price headed this time? According to graphs, SHIB has the potential to reach US$0.0000283 this time, which will be an interim high for the coin. But much of its growth is highly dependent on the Shib army and new investors. If the expected bull run triggers a FOMO again, then the Dogecoin killer will reach US$0.0000326 in a matter of weeks. In a nutshell, SHIB investors can expect at least 50% growth for now.
Factors that can trigger growth for SHIB
When it comes to Shiba Inu, a number of factors including adoption, easy usage, price surges, etc contribute to its growth. To begin with, easy access is the first thing to consider right now. Ethereum gained popularity for its features that enable cryptocurrency investors to use it on a daily basis for trading and buying things. Similarly, more listing on crypto exchanges and inclusion in top platforms like Robinhood could make SHIB extremely competitive.
In May 2021, Shiba Inu’s price surged after the cryptocurrency was added to Binance and OkEx, which eventually led to Coinbase Global listing it. Later on, the petition to include SHIB on Robinhood acted as a major factor that gave a big rise to the Dogecoin competitor.
Unlike other cryptocurrencies, Shiba Inu’s growth is highly dependent on the so-called ‘whales’. According to a report, 70% of Shiba Inu was owned by eight whales as of October 2021, which accounted for 41% of the circulating supply. So any movement in those wallet addresses will highly impact Shiba Inu’s price.
Shiba Inu was solely created as a joke cryptocurrency that could mock Dogecoin. But once it gained traction among investors, the developers increased its utility. Today, more and more companies are coming forward to accept Shiba Inu as a payment method.
Is US$1 on Radar?
According to experts, Shiba Inu’s price could never reach US$1. Even if the cryptocurrency emerges as a top choice among investors, its price could still not reach the remarkable spot for a number of reasons. One big objective is its supply. Shiba Inu has a total supply of 549.1 trillion. If every SHIB token is valued at US$, then its market capitalization will reach US$549.1 trillion, which is impossible.
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