On Thursday, the Shiba Inu price (SHIB/USD) bucked the trend. SHIB token rose to $0.000054 on Thursday, its highest point since Tuesday. The coin rose despite Bitcoin and other altcoins falling significantly.
What is the reason for SHIB’s rise?
Shiba Inu enjoyed a remarkable October. It managed to make a significant bullish breakout that drove its price to an all-time high of $0.000090. However, Shiba Inu’s price has fallen significantly in recent months. It is currently at 40% below its all-time high. Even though some major cryptocurrencies such as Bitcoin and Ethereum have reached an all-time high, this has not happened.
Two main reasons the SHIB price has slowed this month are: The hype around it has declined. A quick look at Google search results reveals that searches have declined dramatically in the last few days. Reddit, Twitter, and other social media platforms are also affected.
Second, investors have taken profit and are looking for profits in other areas. These other places include cryptocurrencies like IoTeX or Kadena, which have exploded this month.
On Thursday, the price of Shiba Inu rocketed as investors rejoiced at CoinDCX’s decision to list the coin on its platform. CoinDCX, India’s most important cryptocurrency exchange, is a key player in the market.
The company recently raised $90million from investors to give it a value of over $1 billion. The company currently has approximately 3.5 million customers and plans to grow to more than 50,000,000 in the next few years.
The company had offered Shiba Inu to its professional platform before today’s announcement. Regulators are still a concern. The Indian government has been warning that it may ban cryptocurrency in the last few months. A narrower version will be introduced later in the year.
Users in the United States have petitioned Robinhood to include Shiba Inu on its platform.
Shiba Inu price prediction
The SHIB price increased slightly on Thursday, according to the two-hour chart. The chart also shows that the price of SHIB has been in a tight range for the past few weeks. The trendline in red shows that the coin moved slightly higher than the descending trendline.
The Shiba Inu’s price moved slightly higher than the 50-day and 25-day moving averages. It also reached an important support level, which is highlighted in green.
There is a good chance that the coin will continue to rise as investors aim for the $0.000065 key resistance.