According to Arman Shirinyan
Although investors have become fearful of the market, Shiba Inu bulls continue to push tokens up.
The information in this article is not intended as investment advice..
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Shiba Inu, a meme-based cryptocurrency that began trending on the market earlier this year and has shot up in value ever since, continues to attract investors. The Bid/Ask Imbalance indicator shows that the volume of bids (buys) on the market is 20% higher than it’s asking price, suggesting that Shiba Inu enthusiasts remain bullish despite recent price corrections. The value of Shiba Inu has risen 67% since the beginning of the cryptocurrency market reversal.
Shiba Inu is a recently launched cryptocurrency that has gained attention due to its association with dog-themed internet memes. The boom in popularity can be attributed to the coin’s effective use of smart contracts and fast transaction times compared to other, more “serious” assets.
More than one indicator is suggesting that Shiba Inu (SHIB-USD) is in a bullish phase.
The MACD, a trend-following momentum indicator, is displaying a bullish crossover: an indication that the bullish trend will continue. Meanwhile, the RSI—which measures strength of price trends—has risen above 50; signaling further upward movement in prices over multiple time frames.
Despite its recent popularity, Shiba Inu puppies are still not widely considered to be a viable investment opportunity.
The cryptocurrency market is highly volatile, and prices can shift quickly. Investors should be cautious because of the recent volatility that led to a 10% reversal in SHIB’s price.
