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After a long period in the red, the Shiba Inu coin Christmas comes early after recording a 10% price increase in the last 24 hours. Analysts predict this could be an early Christmas gift for investors enduring a 60% decline since its all-time high in October.
Cryptocurrencies have been on a downward trend in the last few days pushing the market to the levels last seen earlier in the year. Most of the major currencies such as Bitcoin and Ethereum have also had a double-digit loss.
However, the majority of the currencies are in the green today. This is a sign there could be a bullish momentum towards the end of the year.
Shiba Inu Price Action
Shiba has been trading at a key level in the last few days. This area has acted previously both as a resistance and a support zone.
With the price pulling back to this area from the highs of October, chances of a reversal remain high with most buyers waiting for the right signal to get in the market.
Momentum indicators are also showing signs of strength loss in the selling momentum. The stochastic indicator is in the oversold position confirming a potential reversal.
A reversal could see the coin going back to its previous high making a 200% price gain. With the coin recording gains today, this could be the beginning of a bullish trend that could span towards the Christmas period.
Growth of Shiba Coin Investors
Despite the recent price fall, Shiba coin investors continue to grow tremendously. The current number exceeds 1 million. This shows the market is positive and futuristic on the coin’s growth.
Growth in the number of investors brings volume and demand. They are key elements in driving both the price and volatility.This drive promises the Shiba Inu coin investors an early Christmas gift.
Shiba is famous for its wild price rallies. A new price resurgence could also see the coin dropping another zero after breaking the all-time high.
The huge number of investors is also driving the coin’s popularity in the market. Recent studies show that Shiba Inu con is among the top 3 most famous cryptos in the market. This popularity is expected to bring even more investors in the future.
Shiba Metaverse Venture
The recent announcement by Shiba on venturing into the gaming metaverse is attracting market attention. With the world transitioning to the metaverse, Shiba is positioning itself to take a leadership role in this drive.
Investors are interpreting this as a bullish sentiment and are likely to contribute to the coming price rally. Shiba Metaverse also known as Shiboshi games runs on the already existing Shiba NFTs.
Although these products are not ready, this announcement will keep the market bullish in the short term.
Shiba Inu Coin Christmas Price
As we head towards Christmas, the Shiba coin looks set for bullish momentum. This will be a pleasant gift for the investors who are from one of the biggest sell-off this year.
The coin is likely to close the year at an all-time high price. However, it could also drop a zero if the bulls are strong enough to break the previous high.
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