The cryptocurrency market is recovering well today. Following the SWIFT Ban on Russian banks and financial institutions, it looks like cryptocurrencies are the best alternative. Meme tokens also had their green day, with Shiba Inu price jumping more than 15%. Is it a good time to buy Shiba Inu tokens? Should you buy SHIB today? In this article, we look closely at SHIB prices and assess whether it’s a good idea to buy or should we wait for better prices.
Why is Shiba Inu up?
A few days ago, the US and many EU countries agreed to ban Russian banks from the SWIFT system. This comes as one of the sanctions that were imposed on Russia for breaking into Ukrainian territories. What other alternatives are there to bypass those financial sanctions? Well, cryptocurrencies!
If Russia was to pay anyone without going through regulatory bodies, they can do so via cryptos easily. Iran is another sanctioned country that also used cryptocurrencies back when the US imposed sanctions when Trump was in office. Russia’s economy is more than 10x times bigger than Iran’s. When Russia starts turning to cryptos, it’ll create a significant volume, thus definitely moving crypto markets accordingly.
Shiba Inu price was sinking despite much positive news in their community. After an extended downtrend, Shiba prices consolidated in February awaiting a further push upwards. With the Russian ban in place, Shiba exploded and reached +15% on the daily chart.
Will SHIB reach $0.00004?
Based on the current situation, it looks like the downtrend of Shiba Inu broke. Why? Well, after the downtrend, a slight consolidation occurred around the price of $0.00002. Today, prices are increasing again along with the entire cryptocurrency market. If prices pick up correctly and establish well above 0.00003, we can definitely expect prices to reach higher and double from their low.
Before reaching $0.00004, SHIB needs to prove its upward trend by reaching the first milestone of $0.000035. Only by breaking this price upwards can we confirm the new Shiba Inu up price. Since previous community developments are already out there, prices should have a strong comeback upwards.
On the other hand, it is always a good idea to keep a smart stop-loss price to liquidate and limit our losses in case prices turn against us. There is nothing wrong with exiting the positions and buying back lower. The price to watch for this specific case is $0.000025.
Where to Buy Shiba Inu tokens?
Shiba Inu is a popular cryptocurrency and can be found on many exchanges. It is always a good idea to only deal with safe and secure exchanges. That’s why we at CryptoTicker suggest using the following: