Shiba Inu Coin price growth has been stunted for the past few weeks, with prices trading within the support and resistance levels of $0.00000724 and $0.0000125, respectively. However, the crypto has continued to enjoy success in the number of new investors and coin holders in the system.
According to data from Coinmarketcap, Shiba Inu recently had 1,190,000 holders. The announcement was received positively by the community, with one of the largest Shiba community Twitter accounts posting the achievement that gained traction from thousands of people.
In the tweet, Shabainuart expressed gratitude to the community for the milestone and encouraged continued use of the memecoin. The milestone highlighted the potential future of the Shiba Inu coin. However, unlike other cryptocurrencies, memecoins do not have any utility.
Instead, their price growth is highly dependent on the traction they are getting in the markets. Based on the continued traction of the cryptocurrency, and the increasing number of holders, there is a high likelihood that we may be looking at another bullish trend cycle for the memecoin.
For the past seven days, Shiba Inu has traded in a sideways market, failing to establish a trend. However, today, the prices are up by a percentage point. Despite this, there is a high likelihood that we are seeing a continuation of the week-long sideways market that has persisted even on days that looked aggressively bullish or bearish.
Therefore, my Shiba Inu Coin price prediction for the next few trading sessions expects the prices to continue trading sideways. Furthermore, there is a high likelihood that the bulls and bears alternating in each trading session will also continue. Therefore, there is a high likelihood that tomorrow, we will have a strong bearish trend that wipes out today’s gains in the market.
However, my analysis will be invalidated if the prices trade below or above the $0.00000724 and $0.0000125 support and resistance levels, respectively. At these points, a trend will have been established, bringing an end to weeks of the market failing to aggressively move in a trend.
This post was last modified on %s = human-readable time difference 14:15