The crypto market started this week with a rise, which has positively affected the entire market. SHIB has benefited from the upswing, and the token is currently trading in the green zone.
Shiba Inu is trading at $0.00000653 at the time of writing after a 5.5% price gain.
SHIB Price Analysis
2021 has been very good for Shiba Inu, with the token making gains of around 100%. However, the coin has also not been spared from market volatility, given that its current value is 70% lower than its peak.
For Shiba Inu to regain a solid uptrend, it needs broader market support, especially from bitcoin. If BTC manages to clinch $35K, we could see SHIB reclaiming its highs. BTC has so far shown signs of recovery; hence a SHIB uptrend is not so far off.
However, Shiba Inu bulls will only be strong if the coin holds above the $0.00000640 support. Failure to remain above this mark could see a reentry of even sharper bears that will take SHIB towards the $0.00000575 support. A level below this support will mean even stronger bears for Shiba Inu.
If SHIB manages to clinch an uptrend, the next resistance it needs to break past is $0.00000675. Currently, the volatility is medium; hence no significant price gains or dips will be expected.
The Shiba Inu virtual party that happened a day ago had a slight impact on SHIB prices but did not meet the expectations of a 50% breakout.
Nevertheless, SHIB derived some value from the B Word Conference that talked about dogecoin. This is because SHIB usually follows dogecoin, with the latter showing signs of a revival.
Where to Buy Shiba Inu
To buy Shiba Inu, create a cryptocurrency exchange account on the following platforms:
eToro is one of the leading crypto exchanges where you can trade with popular cryptocurrencies and trading pairs. eToro’s trading fees are quite cheap, and it supports popular features such as copy trading and a demo trading account.
The other platform where you can purchase Shiba Inu is Coinbase Pro. Coinbase is among the leading exchanges with high trading volumes. Coinbase also supports a wide range of cryptocurrencies and trading pairs. It also offers user-friendly features that make it easy for traders to use the platform.
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