New Delhi: Started as a joke token Shiba Inu (SHIB) is on the rise and is surging while major altcoins are tumbling in the crypto market. SHIB has gathered huge attention and has emerged as one of the favored choices of investors.
As per FXSTREET, Shiba Inu’s price has surged over 60% since its local bottom recorded on June 22. It has been locked in a descending triangle formation since May 19 on the 12-hour chart, as SHIB bulls were unable to lift prices higher against the overpowering distribution of the seller.
With the launch of ShibaSwap on Tuesday, the team behind Shiba Inu (SHIB) opened a new chapter in its history, according to the blog post. The price of Shiba Inu rose by around 2 percent as a result of the impulse.
There were many speculations related to the launch of Shibaswap, a decentralized exchange. Many Crypto enthusiasts believed it to be a rumour, while some doubted its release and many fake websites also made rounds in order to impact the SHIB price. It was predicted a huge spike at the time of the launch.
On its website, Shiba Inu said that its platform gives users the ability to DIG (provide liquidity), BURY (stake), and SWAP tokens to gain WOOF Returns through its “sophisticated and innovative passive income reward system”.
After launch, its price rallied above $0.000009 but quickly lost the position. The price gets rejected yet again at these levels, yet still holds a strong grip over the bullish trend. And hence revisiting above these levels is quite possible shortly from now, reported CoinPedia.
The multiple rejections at $0.000009 levels, convert it into a strong resistance zone and hence a massive breakout appears to be mandatory. However, the price currently is testing the newly formed support levels at $0.00000881. If the price fails to hold these levels, it may suffer a slight pullback below these levels. However, a steep drop does not reflect with the price movements any time from now, explains CoinPedia
What is Shiba Inu coin price prediction?
The Sbiba Inu price has stagnated recently and right now trading at $0.00000084, which is actually 80% below its all-time high.
It is also between the support and resistance levels at $0.0000056 and $0.0000096, respectively while the Average True Range (ATR) has declined, says Investing Cube.
Shiba will likely remain in the current channel. A move above the resistance level will signal that bulls have prevailed and that the price will keep rising. However, a drop below this support will signify that there are still more bears around, reports Investing Cube.
Why it climb again?
Per FX Leaders, Coin Bureau suggested that the coin’s success could hinge on Dogecoin’s drop in success. Dogecoin was one of the biggest cryptocurrencies in April and May — especially as Tesla CEO Elon Musk tweeted and chatted about it — before falling off, as I wrote for the Deseret News.
“Where Shiba Inu and Dogecoin differ are the connections they have to the crypto community. DOGE is really just a meme and nothing more. … As community-driven as Shiba Inu is, there definitely seem to be some seriously prolific people behind the project,” Coin Bureau said.
When will Shiba Inu reach $!?
It is expected that Self-claimed Doge killer, Shiba Inu can reach at 0.000085 dollars toward the finish of June 2021. If it continues to rise we can say that the cost will be 0.0003 dollars in January 2022. By the calculations, there is a very low probability that it will reach $1 by 2025.
How to buy Shiba Inu coin in India?
While there is a looming threat of a ban from the government, Indians are actively trading cryptocurrencies.
In India, Shiba Inu cryto coin is traded at an Indian exchange named WazirX.
Shiba Inu tokens are also listed on other platforms like Uniswap and CoinDCX’s web version.
On Uniswap, users can buy and sell cryto currencies in exchange for ETH & Ethereum-based tokens.
Uniswap is an Ethereum-based decentralized exchange.
How to Buy Shiba Inu
If you are looking to buy Dogecoin or Shiba Inu coin, you can use these apps:
Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.
Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.
CoinSwitch is another notable and safe cryptocurrency exchange in India that lets you purchase and trade Dogecoin in India. You need to install the app, signup using your phone number, and add your bank account. As the app deals with crypto trading, you also need to do KYC. Once you have added your bank account, you can purchase the Dogecoin using Indian currency.