Is Now the Time to Buy Shiba Inu (SHIB/USD)?


As cryptocurrencies keep swinging, Shiba Inu (SHIB/USD) is in the trenches. Dropping more than 6% in a week, the cryptocurrency is now trading at $0.0000092. A dip buyer might be interested in the price level. That’s considering SHIB is holding it since it hit a week-long low of $0.000008.

The biggest concern for SHIB and other cryptocurrencies is a crisis of confidence caused by the collapse of FTX. Sentiment is bearish so far as most tokens are currently trading lower. Other than that, SHIB has built on the strengths of the meme token and appeared to have overcome resistance at $0.000012.

ALSO READ  What Crypto Analyst Benjamin Cowen Thinks of Bitcoin (BTC/USD) Before a Reversal Happens

In addition to the negative sentiment, Shiba Inu continues to suffer from the lack of significant developments. Notable among these is the SHIB metaverse, which has been stalled for a while. However, on November 16, the Shiba Inu team released some positive updates. The team gave an initial concept art reveal of what to expect when the metaverse becomes a reality. Although the update revives expectations of the key project, SHIB investors are not yet showing optimism. The price of the meme token has remained muted.

SHIB price outlook amid a bear market

SHIB/USD chart by TradingView

Technically, SHIB is under pressure despite buyers defending $0.000008. The level does not coincide with a support zone and the cryptocurrency is likely to fall further.

ALSO READ  The SEC should extend client protections to crypto, says Stifel's CEO

The RSI shows that SHIB is not yet oversold, although there are more sellers. The indicator shows a downside on SHIB. The meme token is also trading below the moving averages.

SHIB forecast

Shiba Inu price could drop to yearly lows of about $0.000007 if the current weak sentiment continues. The level coincides with support, which means we are likely to see a lower price. The cryptocurrency does not offer an attractive purchase.

Where to buy SHIB


eToro offers a wide variety of cryptos, such as Bitcoin, XRP and others, in addition to crypto/fiat and crypto/crypto pairs. eToro users can connect, learn from and copy or be copied by other users.

Buy SHIB today with eToro

Bit stamp

Bitstamp is a leading cryptocurrency exchange that offers trading of fiat currencies or popular cryptocurrencies. Bitstamp is a fully regulated company that offers users an intuitive interface, a high level of security for your digital assets, excellent customer support and multiple withdrawal methods.

Buy SHIB with Bitstamp today