Cryptocurrencies had a slow weekend, with prices falling on weekends. In the last two days, all major cryptocurrencies, including Dogecoin, Ethereum, Cardano, Shiba INU, and Polka dot, have traded in the negative.
Shiba Inu Coin, also known as DogeKiller, is dominating the market. It is already attracting investors’ attention and, like Dogecoin, is attempting to build a fandom and fan following. The price of the ethereum-based meme token is trading in a narrow range under a critical supply zone, and analysts predict that when the market recovers from the recent meltdown, the coin might double in value.
In the market, the Shiba Inu coin has seen substantial growth after it exploded in popularity following Elon Musk’s performance on Saturday Night Live, in which he slammed dogecoin as a “hustle.” As a result of his remark, which caused the value of dogecoin to plummet by 30%, the Shiba Inu coin gained from the decline of its alternative.
Also Read : Shiba Inu Price Prediction, How High Will SHIB Price Rally In 2021?
Will SHIB Price Double in June?
The price of SHIB is currently seeing little fluctuation, with the price hovering at $0.00000700 for the past day. For the past five days, Shiba Inu hasn’t traded above $0.0000100. Shiba Inu is now trading in a $0.00000974 to $0.00000693 no-trade zone. A breakthrough any of the borders indicates a rise in volatility and the possibility of a violent move.
SHIB price might surge 20% to $0.0000117, the top boundary of the supply zone. Shiba Inu is projected to increase another 20% to test the resistance level of $0.0000144 if the purchasing push continues.
If the dog-themed cryptocurrency, on the other hand, closes convincingly below $0.00000693, it will mark the start of a downtrend. After the SHIB price has sliced through the support level at $0.00000654, however, this will be confirmed. In such an event, the Shiba Inu price might fall 36% to $0.00000420, the support level.
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