Shiba Inu Price Prediction for October 2021

The crypto market is booming with new coins that offer investors an opportunity to get rich. One such promising currency is Shiba Inu Coin. The altcoin came due to the success experienced by Dogecoin and other Alt Coins like it in recent years.

Are you interested in Shiba Inu? If so, then it’s essential to do your research and have all the information before investing. Always remember, do not invest money you are not ready to lose.

In this article, we’ll give you Shiba Inu Coin Price Prediction for October to guide you as you invest.

What is Shiba Inu?

In August 2020, there was a launch of Shiba Inu as an altcoin by Ryoshi. Shiba Inu got its inspiration from Dogecoin and its image came from Dogecoin’s logo.

The Shiba Inu is more than just an asset for speculators. It has practical use cases and serves as a way to help people looking into NFTs or DEX with ease of access.

Shiba Inu was first introduced to the market in May 2021 under a ticker symbol of SHIB. At its outset, it had an opening price value of $0.00039. Despite this price sounding low, it was significant given the demand it could generate from investors.

The Shiba Inu coin had a rough ride. Over the next few weeks, the price fell by 84%, only to find support at an obscure level and bounce back up again.

In the crypto market, when the Bitcoin price goes up, other altcoins will follow suit. This means that if many investors buy into bitcoin, Shiba Inu can enjoy increased value. And this is because they are piggybacking off of Bitcoin’s success with ripple effects.

Shiba Inu Price Prediction

Technical Analysis

It’s crucial to scrutinize the price chart and note technical factors to determine where prices are going. In this case, we can see how Shiba coin’s bull run on 7th August 2021 helped break out from its falling wedge pattern and close outside it. This was another great sign for more upside action.

It’s interesting to see the Shiba Inu regain its upwards trend. This cryptocurrency is currently at $0.000009mark, which it has rejected severally before. However, there’s every chance that this level could break soon. It wouldn’t be a surprise if we saw some significant movement in price soon. If so, Shiba Inu may head towards the $0.00001 mark.

Shiba Inu Price Prediction October 2021

The future for Shiba Inu looks bright. With an excellent forecast, investors should be very excited to invest in this hot cryptocurrency. As you can see from the price chart, it has recently broken out of its falling wedge pattern with solid momentum. And may move even higher than before as we predicted back then at around 2nd May or June.

For October, the lowest price might be around $0.0000084. Also, it might surge to a maximum of $0.0000123.