Though there is no strong catalyst in the market to drive the price, many analysts still believe Shibu Inu investors were taking a breath after a rally last week. Many investors are booking their profit because it is an uncertain time for cryptocurrencies, at least for retail investors. Last week it outperformed leading cryptocurrencies like Bitcoin and Ethereum, and it has outperformed its rival Dogecoin.
Shiba Inu moves mainly on speculation. It does not depend on fundamental and technical studies because any news can disrupt the analysis. It does not have any real-world use cases or advantages. Meme coins are mainly based on community, and their sentiments drive the coin’s price.
Due to inflation, interest rate hikes, global unrest, and supply chain issues, investors are seeking safer assets. Meme coins are not safer assets to invest in. Read this price analysis before investing in Shiba Inu.
At the time of writing, SHIB was trading around $0.00001, a resistance level of this consolidation phase, which means the price may go down to the level of $0.000008. In the short term, many retail investors will trade to profit from this consolidation phase, but one must remember that it is a meme coin, so investing is very risky.
On the daily chart, the RSI is stable at around 52, and candlesticks are forming in the upper half of the Bollinger Bands, which suggests a bullish momentum for the short term. We think the SHIB price may not cross the resistance level.
On the weekly chart, RSI is at 36, the MACD indicator is bearish, and candlesticks are forming in the lower range of Bollinger Bands. There were nine consecutive red candles before one green candle, and again a red candle is forming this week. That means in the long-term, SHIB is not bullish.
We would not suggest investors treat meme coins as assets because they can be volatile depending on the news. Cryptocurrencies are facing an outflow due to uncertainty in the market.
Most leading cryptocurrencies are down, so it is not the ideal time to invest in meme coins like Shiba Inu. You should wait for the right opportunity to invest in meme coins.