With Bitcoin rising in value and conquering important resistances, and turning them into support, the market is getting bullish. It first broke through $40k, then $42k, and is now trading around $44k. This has helped altcoins break their downtrend. But a few have seen excellent rallies in the last few days, and one of them is Shiba Inu, as it pumped 50%. Even after this, it is more than 50% down from its ATH. So, let’s take a look at what to expect next from the meme coin.
What next as Shiba Inu pumps 50%?
I think the matter of Shiba Inu’s price increase is very simple. If the price of Bitcoin continues to rise, then we will see an increase in its price as well. Yes, there could be minor corrections with such a huge rally at once, but the overall trajectory will be upwards. The price of Bitcoin needs to stay above $43k as we have the MA 50 and EMA 50 at $42.7k. While moving upwards, there could be some resistance at $47k, with the EMA 200 being at $47.3k and then the MA 200 at $49.3k.
Seems like a far stretch, but if Bitcoin could move upwards without any major corrections, then we could see Shiba near its previous ATH very soon. But yes, there is a problem as well. The RSI has formed a hidden divergence with the charts, and this could mean a correction could be coming. But if Bitcoin doesn’t correct, I think it won’t be anything major.
Should you invest in SHIB?
Shiba Inu is a meme coin, and honestly, I don’t like such coins. No matter what everyone says and the projects they work on, the trust factor is not there for me. The reason is simple; if I invest in Bitcoin and it falls 50% tomorrow, I feel it will rise again, so I have that peace of mind. But in the case of SHIB or any other meme coin, I can’t say that. So, if you plan to invest in SHIB, it’s better to have less than 0.5% of your portfolio in the coin.
What are your thoughts as Shiba Inu pumps 50% as markets get bullish? And do you think it will reach a new ATH soon? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: KPMG Canada adds Bitcoin and Ethereum to balance sheet.
