Shiba Inu (SHIB) has advanced more than 40% in less than twenty-four hours, rising from a low of $0.0000126 to a high of $0.0000179. The amount of SHIB traded over the last several days saw an increase which meant that buying strength was recovering in the market. The current price of Shiba Inu (SHIB) stands at $0.0000163, which is still more than 50% off from its 2022 highs that were registered in February.
But where is the price of Shiba Inu (SHIB) going next, and what can we expect from September 2022?
Today, Crypto Lists will discuss SHIB price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk and how much margin you got if trading with leverage.
Investors have bought roughly $24 million worth of SHIB since Sunday
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Shiba Inu (SHIB) is an Ethereum-based memecoin inspired by Dogecoin, launched in 2020 by an anonymous developer known as Ryoshi. Unlike Bitcoin, which is designed to be scarce, SHIB is intentionally abundant and has a total supply of one quadrillion. The Shiba Inu Token ecosystem supports projects such as an NFT art incubator and the development of a decentralized exchange called Shibaswap.
The price of SHIB has skyrocketed this Sunday, and according to David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, SHIB still has room on the upside. Data from IntoTheBlock shows that over the last several days, there have been more than four hundred large transactions, a rise of a startling 1,554%. A large transaction is frequently over $100,000, and surges related to these transactions are sometimes linked to increased activity from the bigger investors who are either buying or selling.
According to data provided by the WhaleStats team, the top 100 investors who hold Ethereum-based coins have bought roughly $24 million worth of SHIB since Sunday. By now, a total of $202,286,128 in the second largest canine token has settled in their addresses.
Another positive news is that the U.S. government reported that inflation may have peaked in July, which increased investor confidence that a bull market could be underway. The U.S. reported that the Consumer Price Index rose by less than anticipated in July, up 8.5% YoY and U.S. major market indexes ended sharply higher last week, which certainly had a positive influence on the cryptocurrency market.
International Monetary Fund Managing Director Kristalina Georgieva said that the U.S. central bank is on the right path to cool down inflation, and investors hope that the Fed will decide to raise rates by 50 basis points when they meet in September instead of 75 basis points.
For now, everything indicates that the cryptocurrency market and Shiba Inu could advance even more in the upcoming days, but it is also important to mention that fund manager and podcaster Peter Schiff, said that there are now signs suggesting that Bitcoin and many other cryptocurrencies are likely to start dropping hard. Peter Schiff added:
“Bitcoin topped out at $69,000 and the next big move for Bitcoin is gonna be low $10,000. People paid $ 50,000- $60,000 dollars for Bitcoin but they now have big losses of $23,000-$ 24,000 dollars. Bitcoin has margin calls yet to be made and once they are made, investors will be prompted to sell, pushing prices lower. I think people should take advantage of the sucker rally they’ve got right now and get out, I mean a lot of people still have profits”.
Technical analysis for Shiba Inu (SHIB)
Shiba Inu (SHIB) has advanced more than 40% in less than twenty-four hours, rising from a low of $0.0000126 to a high of $0.0000179. The current price of Shiba Inu (SHIB) stands at $0.0000163, which is still more than 50% off from its 2022 highs that were registered in February.
On the chart below, I marked the trendline, and as long the price of Shiba Inu (SHIB) is below this trendline and resistance that stands at $0.000020, we can’t talk about a trend reversal, and the price of SHIB remains in the SELL-ZONE.
Main support & resistance levels for Shiba Inu (SHIB)
On this chart (the period from January 2022), I marked the main support and resistance levels that can help traders to understand where the price could move. The risk of another decline for Shiba Inu (SHIB) is not over, but if the price advances above $0.000020, it could be a strong sign of the trend reversal, and the next target could be located around $0.000025. The current support level is $0.000012, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.000010. If the price drops below $0.000010, which represents very strong support, the next target could be located around $0.0000080 or even below.
What speaks for the rise in the Shiba Inu (SHIB) price
The amount ofSHIB traded over the last several days saw an increase, and if the price advances above the resistance that stands at $0.000020, the next target could be located at around $0.000025. According to data provided by the WhaleStats team, the top 100 investors who hold Ethereum-based coins, have bought roughly $24 million worth of SHIB since Sunday.
Traders should also consider that the price of Shiba Inu is correlated with Bitcoin, and if the price of Bitcoin jumps above $25000, we can see SHIB at a higher price level than the current price.
What indicates the downfall for Shiba Inu
Shiba Inu (SHIB) has advanced more than 40% in less than twenty-four hours; still, traders should have in mind that the price can easily return to the levels reached in June. The current support level is $0.000012, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $0.000010. If the price drops below $0.000010, which represents very strong support, the next target could be located around $0.0000080 or even below.
The price of Shiba Inu is also correlated with the price of Bitcoin, and when the price of Bitcoin drops, that usually has a negative influence on the price of SHIB.
Shiba Inu price expectations from analysts and experts
The price of SHIB has skyrocketed this Sunday, and according to David Gokhshtein, the founder of Gokhshtein Media and former U.S. congressional candidate, SHIB still has room on the upside. Data from IntoTheBlock shows that over the last several days, there have been more than four hundred large transactions, a rise of a startling 1,554%. On the other side, fund manager Peter Schiff, said that there are now signs suggesting that Bitcoin and many other cryptocurrencies are likely to start dropping hard, and he thinks that traders should take advantage of the current rally they’ve got right now and close their “long” positions.
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