Shiba Preps To Hit $.0004, Should You Buy Now or Wait?

Ethereum-based digital asset Shiba Inu (SHIB) remains one of the favorite cryptos of traders worldwide. In fact, SHIB currently ranks one of the top 10 most trending cryptos in CoinMarketCap. This performance of the crypto continues to create noise that can be heard in all corners of the space.

Based on the graph above, Shiba Inu manages to defy the current bearish market brought by the crisis between Russia and Ukraine. In detail, SHIB trades above the Fibonacci golden ratio level of .618, a bullish level position. If this trend goes on, SHIB might be able to break the existing Fibonacci levels from .38 to .236. If it does, the doors towards the bullish price of $.000035 will open, an opportunity that SHIB must not overlook.

The skyrocketing price of $.000040 will be inevitable if SHIB breaks the price of $.000035. But of course, this price forecast still depends on the market behavior and the current world events.

On the other hand, If SHIB fails to maintain its existing position, the price of SHIB may fall. To be specific, SHIB’s price may breakout and drop below the Fibonacci level of .618, a price level that could cause FUD among its investors globally.

In other news, Italian-based designer John Richmond partners with SHIB. This partnership will allow the designer to expand its work in the crypto space through NFT and blockchain.

At the time of writing, SHIB trades at a high price of $0.00002635 with a 24-hour trading volume of over $1.1 billion.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.