Barring Shiba Inu and dollar-pegged Tether, eight out of the top 10 cryptocurrencies were trading higher at 9.30 hours IST. Dogecoin zoomed 24 per cent, whereas Shiba Inu lost its one-fourth valuation.
The global crypto market cap jumped over 5 per cent, slipping below the $2.62 trillion mark compared to the last day. However, the total crypto market volume declined 7 per cent to $174.98 billion.
Since its listing on Coinbase on January 30, 2021, Shiba Inu has soared 7,99,900 per cent in merely nine months. The meme coin has turned an investment of Rs 1,000 into Rs 80 lakh during the period under review.
WazirX, India’s largest cryptocurrency exchange, recorded its highest daily trading volume of $562 million. Meme coin Shiba Inu’s volume alone was about $338 million of the total, the company said.
Tech View by ZebPay Trade Desk
Shibu Inu (SHIB) is a coin that aims to be an Ethereum-based replacement to Dogecoin. Bitcoin is designed to be scarce whereas SHIB is intentionally made in a way that it is abundant in nature.
The total circulating supply of it is 1 quadrillion. Shiba Inu token system supports innovative and artistic projects like the NFT art incubator and the development of its own decentralized exchange called the ShibaSwap.
Shiba Inu, after consolidating in a range from $0.0000057 to $0.0000092 for almost four months, finally gave a massive breakout on 4th October and rallied up to 0.00003528. Post this move, the asset made a ‘Flag’ pattern (Continuous pattern).
Shiba Inu gave yet another breakout by successively forming a ‘Higher Top Higher Bottom’ formation since the last ‘Flag’ pattern and the prices skyrocketed to the new all-time high of $0.00008850. Yesterday, the asset witnessed some profit booking and corrected almost by 33%.
Shiba Inu has a strong support at 0.0000571 (38.2% Fibonacci Retracement Level). If the price holds the support, then bulls may resume the up move. If the price breaks the support, then we may expect further downfall and prices may slide to the next support level of $0.0000475.
Support: $$0.00005712, $$0.0000475
Resistance: $$0.0000885, $0.00010
(Time is in UTC and the daily time frame is 12:00 AM – 12:00 PM UTC)
(Views and recommendations given in this section are the analysts’ own and do not represent those of ETMarkets.com. Please consult your financial adviser before taking any position in the asset/s mentioned.)