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The post Coinbase Effect Rubs off on Shiba Inu! SHIB Price to Propel Higher or Correction Waiting ahead? appeared first on Coinpedia – Fintech & Cryptocurreny News Media| Crypto Guide

After a severe sell-off on September 7th, the price of Shiba plummeted. Although it is now recovering from the big crash. Shiba’s price jumped nearly 35% on September 8th, and it is currently trading with a 25% increase in the last 24 hours.

The meme coin needs to break past the $0.00000768 and $0.00000835 levels if the rally continues. This will clear the way to the trading range’s midway point, $0.00000882, which also happens to be the 50% Fibonacci retracement level. This would represent a 28% increase.

While the Shiba Inu pricing appears to be on the rise, failure to go higher indicates a concern. If the buyers are unable to retain the asset above the support zone, which ranges from $0.00000625 to $0.00000654, the sellers will remain in control.

A conclusive closing below the range low of $0.00000549, on the other hand, would contradict the bullish argument and pave the way for further decline.

SHIB set to launch on Coinbase! Analyst hints correction

The Shiba-Inu-themed memecoin is currently unavailable for trade on Coinbase.com or comparable apps. On September 8, the world’s second-largest exchange stated that deposits for the Shiba Inu coin are now available in countries where trading is permitted.

The current bullish trend reversal, according to pseudonymous cryptocurrency expert AltcoinSherpa, is due to the Coinbase news. According to the analyst, a correction is on the way.

One thought on “Coinbase Effect Rubs off on Shiba Inu! SHIB Price to Propel Higher or Correction Waiting ahead?

  1. I'm going to give you a little lesson on intrinsic value.

    Now you may think that because bitcoin or any PoW coin for that matter doesn't produce anything, it shouldn't have any value that they should be worth zero but that's not the right way to look at it.

    If someone mines 1 coin and it costs them 100w of electricity to do that. They're not going to sell me that coin unless they can recoup the cost of the energy + depreciation which means that the supply side has a price. Now why would I want to buy a coin? It's because I find value in being able to transfer internet money to anyone with an internet money address without worrying about intermediaries.

    So right off the bat, the coin in question has value to the buyer and the seller has a minimum price.

    Now imagine there was no demand for a coin? Then it actually does go to zero and if you look at the thousands of dead projects/coins, you have a beautiful example of just that.

    So can any crypto coins go to zero? Absolutely Will bitcoin go to zero? Extremely unlikely, if it does it'll become like every other dead project. Bitcoin going to zero means that there is no demand for it and no demand for it means it's dead.

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