The Shiba Inu price is in a tight range as the rest of the cryptocurrency industry plateaus. The coin is trading at $0.0000084, which is about 53% above its all-time low. It has a market capitalization of more than $3.3 billion making it the 29th biggest cryptocurrency in the world.
What happened. Shiba Inu is a relatively new cryptocurrency that was created during the meme coin boom. The coin jumped sharply in its first days of trading as retail investors rushed to buy the new hottest coin. Many of them believed that the coin would soar to become the next Dogecoin.
However, the price crashed by more than 86% as momentum in the coin faded. Other coins also crashed hard at the time. Some traders have recently shifted some of their funds from SHIB to the relatively new meme coin known as Baby Dogecoin. So, what next for Shiba Inu?
The Sbiba Inu price has stagnated recently. It is trading at $0.00000084, which is still 80% below its all-time high. It has also managed to move above the 25-day and 50-day exponential moving averages (EMA). It is also between the support and resistance levels at $0.0000056 and $0.0000096, respectively while the Average True Range (ATR) has declined.
Therefore, the coin will likely remain in the current channel as traders seek direction from the rest of the cryptocurrency universe. 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.
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