28 OCT 2021 | ZebPay Trade-Desk
Shibu Inu (SHIB) is a coin that aims to be an Ethereum based replacement to Dogecoin, the very popular memecoin. Bitcoin is designed to be scarce whereas SHIB is intentionally made in a way that is abundant in nature. The total circulating supply of it is 1 quadrillion. The Shiba Inu token system supports innovative and artistic projects like the NFT art incubator and the development of its own decentralized exchange called the ShibaSwap.
SHIB after consolidating in a range from $0.0000057 to $0.0000092 for almost four months finally gave a massive breakout on 4th October and rallied up to 0.00003528. Post this move the asset made a ‘Flag’ pattern (Continuous pattern). Shiba Inu gave yet another breakout by successively forming a ‘Higher Top Higher Bottom’ formation since the last ‘Flag’ pattern and the prices skyrocketed to the new all-time high of $0.0000800. The rising moving averages and the relative strength index (RSI) in the positive territory indicate that buyers have the upper hand. However, Investors need to be cautious as the asset has surged almost by 1000% within a month, so profit booking at higher levels can’t be ruled out.
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Disclaimer: Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.