Shiba Inu drops down by 5%? Will it ever reach $1?

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New Delhi: Started as a joke token Shiba Inu (SHIB) is on the rise and is surging while major altcoins are tumbling in the crypto market. SHIB has gathered huge attention and has emerged as one of the favored choices of investors.

As per FXSTREET, Shiba Inu’s price has surged over 60% since its local bottom recorded on June 22. It has been locked in a descending triangle formation since May 19 on the 12-hour chart, as SHIB bulls were unable to lift prices higher against the overpowering distribution of the sellers.

The main question that remains is, will it reach $1 ever?

Price analysis

Shiba Inu is surging, on the other hand, Bitcoin is still trying to break through the crucial resistance level. It will be a good sign for other cryptocurrencies Bitcoin manages to settle above this level.

In the past few days, the crypto market has seen some mixed signals. Shiba recently attempted to break through resistance around $0.000010 but was unable to build enough upside momentum and retreated back.

If SHIB breaks the barrier of $0.000010, it can go on to the next resistance level of $0.000012.

Shiba’s peak already gone?

Shib reached new heights in May and since then it’s tumbling. A Crypto analytics expert said that the reason Shiba Inu did so well in May was that investors thought it would be the next Doge.

However, it is being said that the hype around SHIB has died down, which is the reason the coin hasn’t seen a steep rise in value recently.

How to buy Shiba Inu coin in India?

While there is a looming threat of a ban from the government, Indians are actively trading cryptocurrencies.

In India, Shiba Inu cryto coin is traded at an Indian exchange named WazirX.

Shiba Inu tokens are also listed on other platforms like Uniswap and CoinDCX’s web version.

On Uniswap, users can buy and sell cryto currencies in exchange for ETH & Ethereum-based tokens.

Uniswap is an Ethereum-based decentralized exchange.

How to Buy Shiba Inu

If you are looking to buy Dogecoin or Shiba Inu coin, you can use these apps:

WazirX

Download the WazirX app and sign up for the account. Before you start investing in Dogecoin, you need to do eKYC and enable the 2 Factor authentication. You also need to add your bank details to add and withdraw money.

Once you have added your bank account and perform KYC, you can check the available list of coins for trading. Tap on the Buy button in front of Dogecoin and then enter the amount you want to invest in the Dogecoin. You can make payments directly through bank deposit, credit card, debit Carr or UPI.



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