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

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

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).

Earlier, Finbold had also reported on the successful completion of 20 million transactions on Puppynet, the testnet for SHIB’s Layer 2 scaling solution, and the ensuing increase in interest in the SHIB community as the strongest and most probable contributing factor to the brief price recovery from last week.

In the meantime, the pseudonymous lead developer of the Shiba Inu ecosystem has talked to the SHIB community on Telegram, not only fuelling optimism but also addressing concerns that the community members had, claiming victory over ‘FUD’ (fear, uncertainty, doubt).

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.

SHIB 7-day price chart. Source: Finbold

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.

SHIB 1-day sentiment gauges. Source: TradingView

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.

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