The dog-faced token Shiba Inu is outperforming the large-cap meme coin and considered one of its rivals, Dogecoin. Shiba Inu is up greater than 12% whereas Dogecoin is up simply 5%.
The general crypto market is taking a bullish flip whereas most cash are up practically 3% over the identical interval. Following the December US Division of Labor CPI report, market expectations have been in keeping with the index and inflation report, which helped the market flip optimistic.
There was a rumor that Shiba Inu was listed in Robinhood in February – a tweet sparked the rumor on Wednesday. If true, it may very well be huge information, and the anticipation would proceed to push the Shibu Inu’s worth larger.
The rumor even influenced the value a month in the past, however Robinhood denied; the retail-friendly buying and selling platform, though that announcement wasn’t sufficient to push the value up and SHIB coin future.
Shiba Inu Worth Analysis
On the time of scripting this put up, the value is sitting at $0.000032 which is taking a bullish flip after the information. $0.000036 works as a resistance degree and $0.000025 as a help degree.
Nevertheless, meme cash lack strong fundamentals, in order that they transfer extra within the information. Dogecoin and Shibu Inu are dominated by Twitter as each announcement made by company homes on Twitter impacts the coin’s worth.
On this Robinhood case, false information drove the value up, which is why you can not analyze the value of this coin.
The each day chart’s RSI was present in an oversold territory, however it strengthened after the Twitter announcement. The MACD will take a bullish flip.
The Bollinger Band nonetheless lacks volatility and immediately’s candle sits within the decrease half of the baseline, which is a bearish signal.
Shibu Inu remains to be in a downtrend; There’ll solely be a reversal if it breaks the $0.000036 resistance degree. When will it break the extent? The reality is no person is aware of.
Investing in Meme Cash may be very dangerous, and excessive threat means excessive reward. As you recognize, information impacts these meme cash. So in case you have a robust social media presence, particularly on Twitter, you would possibly contemplate it.