Is This the Right Time to Buy Shiba Inu Coin?

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The ability to know when to buy and sell in the financial markets is a key trait for a successful investor. With the meteoric rise of cryptocurrencies, they have become investors’ favorites. Leading this pack is Shiba Inu Coin. So, is this the right time to buy Shiba Inu coin?

Shiba coin came into the market in 2020. Since then, it has risen to become the 13th largest cryptocurrency in the market by market valuation.

4 Things You Need To Know About Shiba Inu Coin

This tremendous growth has brought in millions of investors looking to benefit from the price growth. One unique characteristic of Shiba Inu Coin is its huge price rallies. The last rally had the coin’s price growing by 500% within a week.

Shiba Inu Coin Price Action Indicators

Price action indicators are key in making the buy and sell decisions. To determine if this is the best time to buy Shiba Inu, you need to understand the price action status.

The coin seems to have found a solid support level at the $0.000029 price area. This is key because buyers seem to join the market every time the price hits this level.

Normally, support zones are usually indicators of a market that is reversing to the upside. This is an area where buyers have a chance to get into the market.

Based on these factors, this is a great opportunity to buy the coin. In case of a reversal, it could rally to its previous high. Recording a gain of over 100%.

Momentum Indicators

Due to the long sell-off period, most higher timeframe momentum indicators show the coin is losing the selling momentum.

Among the commonly used momentum indicator is the stochastic indicator. It has been indicating the coin is in an oversold position. This is a signal the coin could reverse soon.

Shiba Inu Price Support at the $0.000029 level is a Sign it Could Rally Soon

It is also a signal for the sellers to take their profits and exit the market. This adds to the buying pressure accelerating the reversal process.

This indicator makes it the right time to buy the Shiba Inu coin due to the high chances of a reversal.

Shiba Inu Coin Price

Shiba is down 60% from its high in October last year. This is a great opportunity for the buyers who missed the rally to get in. It is known as a pullback and happens all the time in the financial markets.

Currently, the coin is trading at an average of $0.000032. There are already some signs of a building bullish momentum based on the price growth.

Recently, the coin recorded a 14% price in a single day increases the chances of the coin rallying soon.

Key Technologies That Will Make Shiba Coin a $0.01 Token

Increasing Whale Activity

Whales are the large investors in the market that can influence the price movement of a particular asset due to their power.

Recently, there has been increasing buying of Shiba coin by whales since November. This could be an indicator of a potential coming rally.

Although it is not a guarantee the market will reverse, it increases the chances of that happening.

As an investor, these elements are in favor of a potential reversal to the upside making it the right time to buy the Shiba Inu coin.