Shiba Inu – A potential increase in buying pressure that pushes the Shiba Inu price to produce a decisive four-hour candlestick close above $0.00006490 will confirm the start of a rally.
Shiba Inu enters the metaverse with Shiberse
If you’re a fan of Dogecoin, you might want to keep an eye on Shiba Inu coin. This new coin, which is based on the popular “Doge” meme, has been making waves in the cryptocurrency world and has even entered the Metaverse – the virtual world created by blockchain technology.
The Shiba Inu coin, which is also known as SHIB, is currently ranked at number 25 on CoinMarketCap.com with a market capitalization of over $1 billion. The coin has seen a surge in price in recent weeks, rising from around $0.00005 in mid-April to its current price than that.
Robinhood, the popular stock and cryptocurrency trading app, will not be adding any new cryptocurrencies to its platform for the time being. The company announced the news in a blog post on Wednesday, saying that it needs to “rethink” its approach to digital assets.
“We’re going to stay focused on building the best experience for our customers and assess our ability to add more assets as quickly and safely as possible,” Robinhood said in the blog post.
The announcement comes as a bit of a surprise, as Robinhood had been one of the most active players in the cryptocurrency space in recent months. In January, the company added support for Bitcoin and Ethereum trading on its app. It also allowed users to track prices for it.
The Shiba Inu price is currently trading at $0.000649, and it looks like the bulls are trying to push it higher. However, they need to be very careful as the bears are also waiting to pounce on any weakness.
Traders should wait for a decisive four-hour candlestick close above $0.000649 before taking any long positions in this market. The stop-loss can be placed below $0.000611. On the upside, the first target is $0.000689 and the second target is $0.000725.
In conclusion, the Shiba Inu price is likely to rise higher if the bulls can produce a decisive four-hour candlest.
“However, for investors who want to be more certain, secondary confirmation comes after the Shiba Inu price produces a higher high above $0.00008590.”
On the other hand, he points out that if the Shiba Inu price fails to gain traction and rises higher, it will suggest that the buying pressure has eased. In that case, the SHIB could go down and retest the demand zone ranging from $0.00003280 to $0.00004460.
On the other hand, if the Shiba Inu price fails to gain traction and rises higher, it will suggest that the buying pressure is not as strong as it seems. This could lead to a sharp correction in prices. Therefore, traders should be very careful about taking any long positions in this market.
On the other hand, if the Shiba Inu price fails to gain traction and rises higher, it will suggest that the buying pressure is not as strong as it needs to be to continue pushing prices higher. This could lead to a pullback in prices, giving traders an opportunity to enter into new positions at lower levels.
“However, a daily closing candlestick below $0.0004460 will invalidate the bull flag’s bullish thesis for Shiba Inu’s price.”