Many investors are currently looking at the rapid price growth of Shiba Inu (SHIB) compared to other altcoins. Shiba Inu has surprised many cryptocurrency investors over the past week. The reason for this is that Shiba Inu achieved a price growth of over 40 percent from October 27 to October 28, 2021. Purely in the last 7 days, the price of the cryptocurrency Shiba Inu has increased by 180 percent. Many investors are surprised because Shiba Inu has surpassed Bitcoin and other cryptocurrencies in price growth.
Enclosed I would like to share my price forecast with interested investors. It is a good time to invest in Shiba Inu. Should you buy Shiba Inu now or not? My forecast are not financial advice, they are purely for education.
If you take a look at the chart of Shiba Inu you will see the following.
On my Discord and Telegram I told my investors that at the Red Triangle would have been a good time to invest, and it was. From my technical analysis (from the breakout of the triangle), Shiba Inu is up 220%! All those who invested at that time made big profits. Shiba Inu even broke out above my target level, namely the 1:1 extension and the 1,618 Fibonnaci level. The daily RSI indicator also shows that Shiba Inu is currently overbought. Therefore, I would not invest in Shiba Inu at the moment, as the biggest price advance has already happened. You should never buy cryptocurrencies after such a huge price appreciation. Buy low and not high is the best rule.
Shiba Inu is currently ranked 8th among all cryptocurrencies and definitely has room to grow if you look at the market cap. However, I would never invest in it at this point as the risk is too high in my view.
If you want to know more about my forecast on Shiba Inu and other altcoins, please follow my Discord and Telegram channel!