The previous cryptocurrency sessions saw price gains as most altcoins gained towards their historic highs. Some recorded new ATH’s during the bullish cycle. However, tokens like Shiba Inu battled with plummets. The meme crypto failed to register upside moves regardless of the positivity that the overall market witnessed. The crypto saw plunges over the last 24 hours as its trades 10% lower on a month-scale. While writing these lines, SHIB lost 7.1% yesterday to trade at $0.00000691.
Price Analysis
Shiba Inu is among the alternative coins that saw plummets in the last 24 hours. The asset sees a downward move regardless of the market support attributed to BTC’s upsurge towards the $52,000 level. While most alts saw healthy price moves over the last month, SHIB has witnessed losses.
Shiba Inu trades in sustained downtrends, and it might retest the support at the $0.0000065 lows. Meanwhile, the current SHIB plunges might catalyze traders’ selling pressure. That can take the crypto towards massive losses.
However, the current losses might provide a buying chance for investors that accumulate during price dips. That is because the overall crypto market remains bullish. With such price developments, SHIB might head towards its nearest resistance at $0.000007, then $0.0000075. A heavy bullish outlook can push the meme crypto towards $0.000009 before entering a new massive bull run.
Meme coins did not register massive gains during the current market rebound. As most alts attained new monthly highs, meme assets faced heavy resistance that affected their prices.
However, Shiba Inu sees growing interest. The current Whale Alert supports such claims. The platform posted that a large account bought 150 billion Shiba Inu tokens worth more than $1.1 million. That reflects the trend by investors that accumulate more crypto assets during price dips.
Where to Buy Shiba Inu (SHIB)?
Do you think that the current market rally is the best time to buy SHIB? Well, you only have to create an exchange account with a platform like eToro. The crypto exchange has many trading features designed to boost your trading experience. Moreover, the commissions and low trading charges make eToro an attractive platform for beginners. However, be careful when interacting with dips.
