It’s a risk-off mood in the market once again. Shiba Inu has lost 7% in the last 24 hours as major cryptocurrencies also remain in the red. It has, however, been a good week for the meme cryptocurrency, which remains with a 14% surge in the past seven days. The gains reflected positive optimism around meme tokens.
Wednesday’s slowdown in SHIB price shouldn’t be seen as a bear market, though. For one, market corrections are bound to happen after a strong rally. Yet, the meme token sits on the $0.000012 level, which has now become a support zone. That is the key level that SHIB needed to recapture to set an upside trajectory.
Furthermore, even as SHIB slowed down, whale activity is on the rise. WhaleStats data show that Shiba Inu whales hit the highest ever at 1,233,301. A majority of these holders are going long-term on the meme token. In fact, the IntoTheBlock data shows that SHIB has the highest number of hodlers. The number of short-term holders has also been stable.
The latest Shiba Inu update could also be reassuring. Unquestionably, SHIB’s price has been overwhelmed by delays in key utility-raising projects. One among them is the Shiba Eternity game. Taking to Twitter to respond to a user’s concern, a developer, Shytoshi Kusama reassured that everything was on course. He noted that although not everything is nailed down, updates and deadlines are getting accomplished ahead of time.
SHIB retraces back to a key support
Source – TradingView
On the daily chart, SHIB is completing the 50% retracement, which lies at the $0.000012 support. This is the level to watch as the cryptocurrency corrects. Should the level hold, SHIB will initiate another leg up, potentially proceeding to $0.000017.
Should you buy SHIB now?
A break above $0.000012 resistance makes SHIB very attractive. The gains align with positive optimism around meme tokens and Shiba Inu’s network activity.
Investors should consider buying if the $0.000012 level holds, coupled with technical pointers. Analysts already believe the break above the level is not just a one-time burst. Instead, it should be viewed as an indication of further upside. So, keep an eye on the technical level.
Where to buy SHIB
eToro
eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.
It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.
eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.
Capital.com
Capital.com is a global broker which offers over 200 cryptocurrencies for its users.
It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.
On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.
Buy SHIB with Capital.com today
The post Shiba Inu prediction as price retraces 50%. What should you do? appeared first on CoinJournal.