Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days

Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days
фото показано с : coinjournal.net

2022-2-20 19:08

The crypto market has slowed a bit over the last few days. Meme coins, as you would expect have taken a hit. In fact, Shiba Inu (SHIB), one of the main meme coins in the market, has seen a mini sell-off of sorts. But it's not all gloomy for SHIB holders. A look at the chart shows a possible immediate bounce back. Here are some highlights:

Shiba Inu has exploded in February, at one point gaining nearly 75% in 3 days.

The much-expected correction however appears to have come with SHIB selling in recent days.

Technical indicators however show a quick bounce with an upside of at least 16% is possible.

Data Source: Tradingview

Shiba Inu (SHIB) – Price prediction and analysis

Shiba Inu (SHIB) is right now trading at the confluence of two important indicators. These are the 50 day and the 200-day simple moving averages. In recent weeks, the confluence has proved to be a very strong demand zone for bulls. 

We have seen very significant buying activity between $0.000027 and $0.0000288. At press time, the coin was trading at $0.00002716. Although SHIB is indeed down by around 7% over the last 24 hours, it means the price has entered this crucial demand zone. 

We expect bulls to step up and buy in the coming days, something that will ultimately push SHIB further. As a result, an upside of around 16% is very possible.

Why are people buying Shiba Inu (SHIB)

Shiba Inu (SHIB), often referred to as the DogeCoin killer, is by far one of the most successful meme coins in history. 

Although the token has declined significantly from its all-time highs in 2021, there is still a lot of potential for further growth. Besides, we have seen SHIB whales accumulating more and more SHIB. From a short-term point of view, the meme coin is indeed worth buying right now.

The post Shiba Inu (SHIB) could swing up by 16% despite some significant sell-off in recent days appeared first on Coin Journal.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

SHIBA INU (SHIB) на Currencies.ru

$ 0 (+1.82%)
Объем 24H $11
Изменеия 24h: 8.92 %, 7d: 2.86 %
Cегодня L: $0 - H: $0
Капитализация $0 Rank 3428
Доступно / Всего 0 SHIB

days significant recent despite shiba sell-off could

days significant → Результатов: 126


Фото:

Venus Protocol is boosting rewards distribution in celebration of its Mission to Venus contest

Venus Protocol, a BSC-based decentralized money market, has decided to boost the rewards distribution for its brand new XVS Vault. The initiative will see an increase in rewards over the course of the next 120 days, and it essentially means that the project’s stakers will see significant growth in the annual percentage yield.

2022-1-1 17:40


Фото:

Bitcoin Reclaims Key Level Following Yesterday’s Wild “Pump and Dump”

Bitcoin has seen some wild price action throughout the past few days, with the crypto seeing a “pump and dump” rally that led it to $39,000 before it plummeted to $32,000 This price action shows that there’s a significant number of bears looking to fade BTC’s price action at the moment It has recovered from its lows and is not showing any signs of wanting to collapse much lower, but its price action has been […]

2021-1-30 21:00


Фото:

If History Rhymes, Bitcoin is Likely to Start Developing a Long-Term Bottom

Bitcoin is currently undergoing a serious correction that has caused its price to see some significant losses throughout the past few days The cryptocurrency is now hovering just a hair above $30,000, with bulls struggling to support it above this level as bears take control Where it trends in the mid-term will undoubtedly depend largely on whether or not $30,000 holds as support Any major break below this level could be all that it takes […]

2021-1-28 23:00


Фото:

Bull Case Grows: Millions of Bitcoin are Being Sent to Dormant Accumulation Addresses

Bitcoin’s price action has remained rather stagnant throughout the past couple of days, with bulls being unable to catalyze a break above $40,000 on the first attempt The selling pressure here remains quite significant, and whether or not this level can be firmly broken above could set the tone for its mid-term trend From a technical perspective, Bitcoin’s short-term outlook remains somewhat unclear, as it is currently moving lower despite bullishness amongst altcoins It may […]

2021-1-16 21:00


Фото:

$800m Liquidated: Bitcoin’s Rally to All-Time Highs Leaves Trail of Bear Blood

Bitcoin saw some potent price action yesterday, with bulls sending it rallying from the mid-$20,000 region to highs of $23,700 The selling pressure here proved to be quite significant and slowed its growth, but the cryptocurrency does appear to be poised to see further upside One analytics firm explained in a recent tweet that a massive onslaught of short-sided liquidations fueled this movement Over the past few days, over $1 billion in short positions have […]

2020-12-18 21:00


Bitcoin Continues Struggling to Set Fresh All-Time Highs: What Analysts are Saying

Bitcoin has been struggling to break above the mid-to-upper $19,000 region throughout the past few days and weeks, with the selling pressure here being significant Until bulls can shatter the resistance region that begins at $19,400, it may continue seeing a prolonged consolidation phase The cryptocurrency’s latest weekly close, however, was incredibly bullish and happened to mark the highest one ever posted by the crypto on many exchanges This could boost its mid-term outlook, but […]

2020-12-8 02:00


Analyst: Ethereum Likely to Target $780 as Technical Strength Grows

Ethereum has seen some lackluster price action throughout the past few days, which comes as Bitcoin leads the crypto market into a consolidation phase The crypto will likely continue seeing some sideways trading until BTC finds some clear directionality The pivotal level for ETH at the moment appears to be $600, as the selling pressure here has proven to be significant in the past Each break above this level has been short-lived and followed by […]

2020-12-8 23:00


Фото:

Here’s the Crucial Level Bitcoin Needs to Break Before Analysts Flip Bullish

Bitcoin has been struggling to hold above $19,000 for the past couple of days, with the selling pressure above this price level proving to be significant If sellers continue suppressing the cryptocurrency’s price action and hold it below this level for an extended period of time, it could lead to some serious losses One trader is now noting that Bitcoin could still be on the cusp of seeing further upside in the hours ahead, noting […]

2020-12-7 19:37


Bitcoin Breaks $19,000: Why Analysts are Concerned of a 30%+ Pullback

Bitcoin and the entire cryptocurrency market have been caught in the throes of an intense uptrend throughout the past few days Bulls have been aggressively propelling the cryptocurrency higher, with BTC now pushing past its key $19,000 resistance level The selling pressure here has proven to be quite intense, making the firm break above this level technically significant If the cryptocurrency can hold above $19,000 for an extended period of time, it could be a […]

2020-11-25 21:00