Although SHIB must maintain the USD 0.0000118 support to conquer another zero, its price might first rise to USD 0.000018. According to Shibburn, the developers burned over 3.7 billion SHIB tokens in 528 transactions, which favors its value.
In October 2021, the price of Shiba Inu (SHIB) rose to 1136% after four months of consolidation. However, a bearish cycle followed it and removed a large percentage of the gains.
The memecoin initially had significant exposure and experienced one of the most effective marketing campaigns.
Although the price of SHIB has decreased, it occupies 12th place in the cryptocurrency ranking. It is trading at around USD 0.00001206 and has accumulated a 5.2% loss over the last 24 hours, according to CoinGecko.
SHIB is undergoing a correction after it reached USD 0.000018 in early August. That relevant mark exceeded the 200-day EMA, showing the threat of a bullish trend.
Investors recently managed to drive the price of the memecoin above the 20-day EMA to USD 0.000013. However, they must break the 100-day EMA to resume the previous bullish cycle.
SHIB needs to consolidate at USD 0.000012 and not lose the USD 0.0000118 support. If that happened, the following level at USD 0.000010 might lead the memecoin to lose another zero. However, a move toward the USD 0.000014 resistance area would also take the price to USD 0.000018.
The Metaverse Drives the Shiba Inu Price Higher
Despite the bearish outlook in the crypto market, SHIB has accumulated gains of up to 7% over the last week. That rebound took place at the beginning of the trading of plots of the Shiba Metaverse. The Metaverse of this memecoin is a milestone that its community has been awaiting eagerly.
That factor has allowed the growth of social participation around the SHIB token, favoring its trading price. According to LunarCrush, Shiba Inu experienced an increase in social quests by 8.03%, while its engagement rose by 10.37%.
In addition, the SHIB community recently burned over 3.7 billion SHIB tokens, which is favorable for its price. Data from the burning tracking platform Shibburn indicate those coins burned in 528 transactions.
However, the bulls must remember that the SHIB is constantly struggling to break out of the previous consolidation zone.
The RSI indicates that Shiba Inu has exceeded the overbought areas, indicating an optimistic market. However, investors should wait a little longer. Meanwhile, the MACD has moved toward a significant breakout projection with a bullish crossing.
The Price of SHIB Might Conquer another Zero
The volume of the SHI meme coin has not increased significantly over the last few weeks. However, the capitalization of the circulating market has dropped to 18.50%.
Investors should also consider Shiba Inu is trading 85% below its market capitalization. Therefore, it needs thriving developments for the community to expect the Shiba Inu price to conquer another zero.
Considering this decrease in the price, only 28% of SHIB investors have profited, while 66% have suffered losses. The rest of the buyers have a balance regarding their profits and losses.
By Alexander Salazar
