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    Eugene Chum

    Orbuculum: Shiba Inu Price Analysis and Prediction for Q4 2021

    Shiba Inu Price. Shiba Inu Price Prediction

    In this article, we will present to you Shiba Inu price analysis and price prediction. Shiba Inu  – a new player in the cryptocurrency market that has caused lots of controversy and speculation. The token has been launched on the Ethereum blockchain and has been largely seen by the public as a Dogecoin copycat. In this article, we will analyse the news speculation behind this coin and analyse the short history of the coin on the price chart.

    For the technical analysis of Shiba Inu price, we will recur to the pricing data provided by Binance in its SHIB/USDT trading pair. So, if you would like to get an understanding of what to expect of this digital token towards the end of 2021 in market terms, stay tuned for the rest of the article.

    The Story behind Shiba Inu’s Early Days

    Shiba Inu was launched in China in May 2021. The coin was listed on Binance on 10 May and grew by over 300% on the first day of the listing. The coin does not offer any distinctive utility features, and the project team simply focuses on creating a community around it. The coin largely resembles Dogecoin by the ethics and imagery: it also has a dog muzzle as its logo.

    The hype around the coin came from a Chinese billionaire investor Xue Manzi who was involved in the promotion of the coin: he made a post on his Twitter account with 11 million subscribers about Shiba Inu. Later on, the project’s team continued on its hype course, donating half of the coin’s supply to Vitalik Buterin as a gesture of recognition. Thus, Shiba coin news had a big impact on the token’s early rise.

    But the dump came about as quickly as the pump had been concluded, and SHIB/USDT plunged below the level of the listing on 19 May.

    shib usdt price

    SHIB/USDT rise and fall on a daily-timeframe chart

    The main reason behind the meme coin’s rapid downfall was that Vitalik Buterin donated 50 trillion Shiba Inu – 5% of its entire supply – to India’s Covid Crypto Relief Fund on 13 May. That caused a 50% price crash in Shiba Inu.

    Following that the Ethereum co-founder destroyed the remaining share of his Shiba Inu holdings, publishing a request to no longer bother him with such donations. As a result of that, Shiba Inu quickly found itself below the level of the listing price, becoming another classic example of a pump-and-dump on the cryptocurrency market.

    Shiba Inu Price Prediction for Q4 2021

    Given the coin’s short history, it is worth zooming into the chart to see how things may develop in the close-term future to further make assumptions about more distant targets. 

    SHIB USDT price daily chart

    SHIB/USDT on a daily-timeframe chart

    On the above screenshot, we can see three 4-hour technical levels, two of which at the moment of writing were resistances and one was a support, and one daily resistance level (the brown line). Given the absence of viable support in the space between the closest resistance and support levels and the current downward course of the pair, we can infer that the lower support line could be a decent entry point for a buying order in the near future. 

    Going upwards from that, from the technical point of view we may expect some bit of stagnation around the two resistance levels at 0.00000810 and 0.00000748. If the daily level at 0.00000905 is reached, it will be the final barrier on the road to higher domains, where the bullish target for the Shiba Inu price cost will be at 0.000003468.

    However, putting the technical side of price dynamics aside, you should remember that Shiba Inu is a so-called meme coin and has no substance whatsoever behind it, and is purely built on hype. Therefore, investing in a digital token like this, you should be doing it with caution, weighing up the pros and cons as such tokens are highly prone to extreme volatility.

    The content of this article is for informational purposes only and should not be construed as investment advice. We ask you to do your research.