As the month of June is already drawing to its conclusion, the price of Shiba Inu (SHIB) has been moving in a slightly capricious manner, and now cryptocurrency traders and investors are trying to gauge whether the meme crypto asset will be a good buy in July.
Indeed, there are several reasons why Shiba Inu could be a good buy in July, ranging from the continuous development of its ecosystem, multiple updates, SHIB burn rate, and its growing community that believes in the long-term potential of both the project and its cryptocurrency.
Good buy or goodbye?
Firstly, its ecosystem has been steadily growing and advancing, most recently demonstrated with its lead developer Shytoshi Kusama announcing that “something lovely is coming” for Shiboshis, the exclusive SHIB-generated non-fungible tokens (NFTs).
At this point, Shiba Inu’s critical support level rests at $0.00000696, whereas it is facing resistance at $0.0000082, which represents the price at which sellers are likely to enter the market and sell their SHIB holdings, putting downward pressure on its price.
SHIB technical analysis
At the same time, the 1-day technical analysis (TA) gauges over at the crypto and finance analytics platform TradingView indicate a bearish sentiment for SHIB. Specifically, their summary suggests a ‘sell’ at 14, which is the result of oscillators pointing at a ‘neutral’ at 8 and moving averages (MA) in the ‘sell’ zone at 12.
All things considered, SHIB price trends are typically under the influence of the broader atmosphere on the crypto market unless when there are developments directly related to the digital asset’s ecosystem, such as updates on its Layer 2 Shibarium blockchain.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
Read the full article here
