CoinDCX News, Crypto News Global

Top Crypto News: Why is Shiba INU Coin Price Rising Today?

Shiba Technical Analysis

Key Takeaways:

  • With the latest integration with NOWPayments, the Shiba INU coin has a use case now, that will allow businesses to pay in SHIB tokens
  • The SHIB bulls appear to be exhausted a bit as the price is experiencing a slight drain, but may soon rise high from the lower support 
  • Despite the bearish action, the price is trading under the influence of bulls and hence seems to be primed to ignite a firm rebound soon

Why is Shiba INU Coin Price Rising Today?

Key Developments

  • Shiba INU recently announced its integration with NOWPayments which is a popular crypto payment platform. NOWPayments is a well-known payment processor that supports more than 50 cryptos including 8 stablecoins.
  • Secondly, Shiba INU released SHIB-The Metaverse WAGAMI Temple which is the first concept art. The WAGAMI or We’re All Gonna Make it art is inspired by real temples around the world. The platform has partnered with The Third Floor(TTF) which is the world’s top visualization studio based in Los-Angles.

  • 1.1 billion SHIB tokens were burned in the last seven days with the burn rate having dropped to 54% in the past several hours.
  • Huge Whale transfers have been recorded in the past couple of days. As per the data from Etherscan, nearly 281 billion Shiba INU coins were transferred by unidentified wallets.

Shiba INU Coin Price Prediction for Today

Shiba INU price gained significant bullish momentum during the early trading hours and surged more than 8%. Ever since then, the SHIB price rally is constantly hindered by bears as they are attempting very hard to drag the price close to its initial levels. However,  the bearish impulse is increasing slowly, which may bring bulls may also get back into action. 

The SHIB price is attempting to rebound from the lower support at the 50-day MA levels at $0.00001251 in the short-term. The asset is required to remain above these levels to reach $0.000013 by end of the day. Else, a drop below these levels may trigger a price slash close to $0.00001240. 

Additional Read: Shiba Inu Price Prediction

Shiba INU Price Technical Analysis

Shiba INU Coin Price

Source: Tradingview

  • The Shib INU price was following the lower trend line as a strong support from a couple of months, which was not respected during the recent crash
  • However, the SHIB price is consolidating along the immediate support levels, waiting to test the upper resistance. 
  • Despite the latest rejection at $0.000013, the SHIB price is appears poised to rebound firmly after testing the support at $0.00001214
  • In the net 24 to 48 hours, the price is expected to regain the levels above $0.000013 and hit the target 1 at $0.000014 to trade above the trend line

Shiba INU Price Prediction 2022, 2023, 2024 & 2025

Shiba INU Coin Price has been consolidating heavily in the past couple of months but ever since the asset marked new lows below the last point of defense, it begin with a bullish trajectory. Therefore, the price is expected to coil up with the beginning of the last quarter of 2022 and achieve the levels above $0.000022 or $0.000025 by the end. 

Year  Price Forecast
2022 $0.000032 to $0.000045
2023 $0.000040 to $0.000057
2024 $0.00006 to $0.000066
2025 $0.000065 to $0.000078

Wrapping it up, Shiba INU price is coiling up & displays huge potential to embrace a decent bull run soon. Hence, if you want to buy Shiba Inu Coin, then download CoinDCX App on your smartphone and register now!

Share this Story

Check Also

Cardano Vasil Hard Fork Report Card: Has the Vasil Upgrade delivered as promised?

On the 22nd of September, the Cardano Vasil ...

GET ALL LATEST UPDATES ON YOUR EMAIL





    Categories

    Invest in Bitcoin, Ethereum, & other 200+ crypto assets.
    Download the app now, register & start with as low as Rs.100
    ios download link
    android download link
    qr code for download