CRYPTO PREDICTION Shiba Inu price prediction 2021: Can the cryptocurrency hit $1?
Will Shiba Inu coin reach $1 2021?
What is the future of Shiba coin?
What Cryptocurrency will boom in 2021?
What will be the next big Cryptocurrency?
The price of the Shiba Inu (SHIBA) is up 14% in the last 24 hours as the coin is trading in the green at 0.0000488.
The daily trading volume of the currency increased along with the price and is currently 4,076,044,664 dollars, after it increased by 7.38% during the past 24 hours.
The coin’s market capitalization increased by 13% to $26.88 over the same time frame as it held the 11th position, behind rival Dogecoin (DOGE).
All of these are bullish signs pointing to an imminent rise in the SHIBA price.
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| What is the next stage for the SHIBA cryptocurrency price? |
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SHIBA Coin Price Analysis
SHIBA rebounded, along with a handful of other top cryptocurrencies as it announced the return of purchases.
It is noteworthy that the coin is down 44% from its high on October 28 at $0.00008932 to the current price of around $0.0000488.
This price action has created a descending parallel channel on the 12 hour chart whose upper limit has formed a resistance level.
Despite the large number of buying operations, trading is still within the bearish channel's boundary, but the Relative Strength Index (RSI) indicates that the price may be able to breach the upper boundary of the channel.
SHIB price is facing resistance at 0.0000500, and the breach of this resistance level is the first sign of a new upward move.
If the price manages to break above the 50-Day SMA crossover at $0.0005747, then it is likely to rise to $0.0000788.
On the contrary, if the price drops below $0.00004862, this means the failure to rise above the descending parallel channel at $0.000050, then this indicates the continuation of the current price movement.