SHIB – Buy or Sell?

Since May 2022, the Shiba Inu (SHIB) cryptocurrency has been moving in a precise lateral range. This may be because investors are not sure of Shiba's real and intrinsic value. SHIB is quite the people-driven asset; it remains to be a highly popular trading and investment option among young traders and crypto communities.

Regarded as a ‘meme coin’, SHIB has propelled in 2021 to unprecedented highs, but following its calamitous drop in 2022, the price has been playing ping pong between support and resistance, which may resemble high indecisiveness among traders, or perhaps, balanced bull & bear power.

Relying purely on technical analysis, the price could once again look for the resistance level below, before going higher. Yet, when examining the price movements using the Fibonacci retracement tool, it can be seen that SHIB price reached a very reliable level of 78.6 on the Fibonacci scale, and after that, the price began rising in value. Hence, instead of SHIB dropping to the second resistance level, it may in fact shoot up towards the higher support area.

It remains a time of great uncertainty for Shiba. The popular coin may lose some of its value, or gain ground. Technically speaking, there is not so much clarity on SHIB’s next direction, yet, most traders, investors, analysts and HODLers understand that the movement of Bitcoin (BTC) sets the tone for many cryptocurrencies.

The holy grail of the crypto market is in full-growth mode, so this may ripple across the crypto market. Investors positioned short should take this into account before doubling-up on their sell orders.