Is Shiba Inu (SHIB) a good buy in July?

It should also be noted that SHIB is one of the 30 prominent cryptos, next to XRP, Cardano (ADA), Stellar (XLM), Polygon (MATIC), and others, announced by the Hong Kong Virtual Asset Consortium (HKVAC) to be listed on its newly-launched, highly anticipated digital asset index.

Furthermore, the recent Shiba Inu data has shown an immense rise in the SHIB burn rate, demonstrating an increase of 1,620% from the previous day’s remarkably low numbers, as 330 million SHIB were burned in 24 hours, which usually acts as a positive catalyst for the asset’s price as it reduces its supply.

On the other hand, a newcomer to the crypto market – Pepe (PEPE), is threatening Shiba Inu’s dominance, as well as that of Dogecoin (DOGE), as Pepe has recently outperformed both in terms of its daily trading volume. Not only that, but SHIB lost close to 40,000 holders over mere three days in mid-June, slightly recovering since.

SHIB price analysis

As things stand, Shiba Inu is currently changing hands at the price of $0.000007531, recording a decline of 3.16% in the last 24 hours and a loss of 13.84% across the previous month but still a 7.47% gain on its weekly chart, as per the most recent information retrieved on June 27.

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.