It’s a risk-off mood in the market once again. Shiba Inu has lost 7% in the last 24 hours as major cryptocurrencies also remain in the red. It has, however, been a good week for the meme cryptocurrency, which remains with a 14% surge in the past seven days. The gains reflected positive optimism around meme tokens.
Wednesday’s slowdown in& SHIB price shouldn’t be seen as a bear market, though. For one, market corrections are bound to happen after a strong rally. Yet, the meme token sits on the $0.000012 level, which has now become a support zone. That is the key level that SHIB needed to recapture to set an upside trajectory.&
Furthermore, even as SHIB slowed down, whale activity is on the rise. WhaleStats data show that Shiba Inu whales hit the highest ever at 1,233,301. A majority of these holders are going long-term on the meme token. In fact, the IntoTheBlock data shows that SHIB has the highest number of hodlers. The number of short-term holders has also been stable.&
The latest Shiba Inu update could also be reassuring. Unquestionably, SHIB’s price has been overwhelmed by delays in key utility-raising projects. One among them is the Shiba Eternity game. Taking to Twitter to respond to a user’s concern, a developer, Shytoshi Kusama reassured that everything was on course. He noted that although not everything is nailed down, updates and deadlines are getting accomplished ahead of time.
SHIB retraces back to a key support&
Source &- TradingView
On the daily chart, SHIB is completing the 50% retracement, which lies at the $0.000012 support. This is the level to watch as the cryptocurrency corrects. Should the level hold, SHIB will initiate another leg up, potentially proceeding to $0.000017.
Should you buy SHIB now?
A break above $0.000012 resistance makes SHIB very attractive. The gains align with positive optimism around meme tokens and Shiba Inu’s network activity.&
Investors should consider buying if the $0.000012 level holds, coupled with technical pointers. Analysts already believe the break above the level is not just a one-time burst. Instead, it should be viewed as an indication of further upside. So, keep an eye on the technical level.
Where to buy SHIB
eToro
eToro offers a wide range of cryptos, such as Bitcoin, XRP and others, alongside crypto/fiat and crypto/crypto pairs. eToro users can connect with, learn from, and copy or get copied by other users.
Bitstamp
Bitstamp is a leading cryptocurrency exchange which offers trading in fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company which offers users an intuitive interface, a high degree of security for your digital assets, excellent customer support and multiple withdrawal methods.
The post Shiba Inu prediction as price retraces 50%. What should you do? appeared first on CoinJournal.
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