Top cryptocurrency prices today: Dogecoin zooms 24%; Shiba Inu tanks 24%

New Delhi: Major cryptocurrencies got their mojo back on Friday, barring the last entrant in the top 10 tokens: Shiba Inu. Investors used the recent correction to buy top altcoins at decent prices.

Except for Shiba Inu and Tether pegged to the dollar, eight of the top 10 cryptocurrencies were trading higher as of 9.30am IST. Dogecoin increased 24 percent, while Shiba Inu lost its valuation of a quarter.

Global crypto market capitalization jumped more than 5 percent, falling below the $ 2.62 trillion mark compared to last day. However, the total volume of the cryptocurrency market declined 7 percent to $ 174.98 billion.

Since its listing on Coinbase on January 30, 2021, Shiba Inu has soared 7.99,900 percent in just nine months. The meme currency has converted an investment of Rs 1,000 to Rs 80 lakhs during the period under review.

WazirX, India's largest cryptocurrency exchange, recorded its highest daily trading volume of $ 562 million. The volume of the Meme Shiba Inu coin alone was about $ 338 million of the total, the company said.

ZebPay Trade Desk Technical View
Shibu Inu (SHIB) is a coin that purports to be an Ethereum-based replacement for Dogecoin. Bitcoin is designed to be scarce, while SHIB is intentionally manufactured in a way that is abundant in nature.

Its total circulating supply is 1 trillion. Shiba Inu's token system supports artistic and innovative projects such as the NFT art incubator and the development of its own decentralized exchange called ShibaSwap.

Shiba Inu, after consolidating in a range of $ 0.0000057 to $ 0.0000092 for almost four months, finally made a massive breakout on October 4 and rallied to 0.00003528. After this move, the asset made a 'Flag' pattern (continuous pattern).

Shiba Inu made another breakout by successively forming a 'Upper Upper Upper Lower' formation from the last 'Flag' pattern and prices spiked to the new all-time high of $ 0.00008850. Yesterday, the asset registered a certain reserve of benefits and was corrected by almost 33%.

Shiba Inu has strong support at 0.0000571 (38.2% Fibonacci retracement level). If the price maintains support, the bulls can resume the bullish move. If the price breaks the support, then we can expect a further drop and prices may slide to the next support level of $ 0.0000475.

Higher levels
Support: $$ 0.00005712, $$ 0.0000475

Resistance: $$ 0.0000885, $ 0.00010

(The time is in UTC and the daily time frame is 12:00 am to 12:00 pm UTC)

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