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Shiba Inu Price Analysis: Should You buy and Hold Shib in October?
The Shiba Inu token (SHIB), which fell to eight-month lows in mid-June along with the overall decline in cryptocurrency prices, is striving to regain its strength, albeit the recovery is taking longer than expected.
In an effort to provide the SHIB token with additional needed functionality, the Shiba Inu ecosystem has introduced a DEX (decentralized exchange) and a NFT (non-fungible token) incubator. In order to reduce the network’s reliance on the Ethereum network, developers are also putting the finishing touches on a layer-2 solution.
What does Shiba Inu coin’s future hold? Should you sell the coin short in an effort to benefit from a further decline or acquire it now in order to earn gains in the future? To assist in guiding your trading strategy, we will examine the token’s most recent performance as well as the most current Shiba Inu forecasts in this post.
SHIB Price Technical Analysis: Weekly Chart
Bears have restored the lost initiative as most of the coins could not keep the rise going.
SHIB/USD – On the hourly chart, the price is SHIB is coming back to the recently formed support level at $0.00001006. If the breakout happens, the decline may lead to the test of the next important mark of $0.00001001 soon.
On the daily chart, the situation is similar, as the price of SHIB is on its way to the interim support level at $0.000010.
If the rate closes below this level and the selling volume rises, traders can expect the test of the $0.00000971 mark by the end of the week.
On the weekly time frame, SHIB is fighting for the crucial $0.000010 mark. If bulls lose, there is a good chance to see the come back to the bearish midterm trend in the $0.0000090 zone by the end of the current month.
SHIB is trading at $0.00001009 at press time.
$SHIB Price Analysis for October 2022
Shiba Inu’s price was $0.00001123 at 6:30 PM IST on October 1, 2022, an increase of +1.18% over the previous day.
Twelve metrics in TradingView, Technical indicate SELL. Relative Strength Index (14) for oscillators is 46.78, indicating NEUTRAL. The technical analysis of Coincodex indicates 42% bullish opinions and 58% bearish attitudes! The Fear & Greed Index is currently at 20, which indicates EXTREME FEAR. Although the burn rate for cryptocurrencies has been a little slower in September, according to Crowd Wisdom’s monthly predicted study, the coin is currently quite bearish.
On the contrary if Shiba Inu bulls are strong enough, from the data from MACD we might see it test the 200 EMA once again in October 2022. If this takes place then we can see a price increase of upto 38%. We saw a similar thing happen on August 14 of this year.
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