Building Up Shiba Coin Longs During the Consolidation, Before the Breakout

Shiba Inu is a new cryptocurrency which started life in August last year, but it only started getting broad attention during the surge in May this year. We saw an attempt to turn this altcoin bullish in April, which was a sign that Shiba was attracting some attention, but the crash came and after topping out at $0.000040, SHIB/USD reversed back down.

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For about two months, SHIB/USD has traded in a range, which stands above the previous range below the surge. Although, there is a slight pressure to the upside for this pair, despite the latest reversal down after the failure to break above the 20 SMA (gray) on the daily chart.

This moving average has turned into resistance, keeping the highs under control at the top. At the bottom, the 50 SMA (yellow) has come into play for about a month, providing support and pushing the lows higher. Today we are seeing a reversal down, after the two doji candlesticks and the failure to break the 20 SMA.

We are building some long positions in Shiba Inu, with the current range being pretty low and the bias to increase above the resistance at least, as the 50 SMA (yellow) keeps pushing the lows higher. The crypto influencer Coin Bureau recently posted a new YouTube video, suggesting that Shiba coin may rise again, saying that “there might be more to this token than meets the eye.”

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We’re hearing rumors that Coinbase will add Shiba coin to its application. Another reason why I think that SHIB/USD will turn bullish soon is the fact that Doge coin which was one of the most interesting cryptocurrencies in April and May, after Tesla’s CEO Elon Musk tweeted and chatted about it, but it has lost its mojo and crashed down.

Doge continues to slide lower, making lower highs and lower lows. Shiba Inu will likely benefit from the decline in DOGE/USD since they differ in the way that they are connected to the crypto community. DOGE is really just a meme, while the Shiba Inu is community-driven.

There also seem to be some seriously prolific people behind the project, as the co-founder of Ethereum Vitalik Butterlin is making massive use of the Shiba coins. So, I have been building some long positions on SHIB/USD and I think that once the price moves above the 20 SMA on the daily chart, the bullish trend will resume again.

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Musk is very rich and famous because he makes cars and space rockets and tells funny jokes on Twitter, often about dog-themed cryptocurrencies.

Musk is now so rich and famous that if he so much as exhales in the direction of a cryptocurrency about dogs, the market for dog coins will wrap around his very breath.

His tweet about his new dog is the latest thing to move decentralized dog markets. The price of Shiba Inu coin rose 17%, from $0.000006771 to $0.000007935, after Musk tweeted about his new dog Friday. The price of Dogecoin didn’t budge much.

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Musk has named his new dog Floki. Floki is also the character from the TV show Vikings whom a fan-based wiki describes as an “incorrigible trickster.”

People created lots of Floki cryptocurrencies after Musk shared the name of his new dog. There are literally dozens of them on Poocoin, a website that tracks the prices of different shitcoins.

Crypto publication Benzinga picked up the story. It reported that one Floki cryptocurrency increased by 3,500%. We venture that all of these coins have increased infinitely since they are backed by nothing but a man and his dog.

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THE VIEWS AND OPINIONS EXPRESSED BY THE AUTHOR ARE FOR INFORMATIONAL PURPOSES ONLY AND DO NOT CONSTITUTE FINANCIAL, INVESTMENT, OR OTHER ADVICE.