Shiba Inu (SHIB) Price Analysis: SHIBUSDT Tests the $0.000035 ATH, Is $0.00005 Next? [Edited]

By Sunil Sharma
Published October 11, 2021 Updated October 11, 2021
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Shiba Inu (SHIB) Price Analysis: SHIBUSDT Tests the $0.000035 ATH, Is $0.00005 Next? [Edited]

By Sunil Sharma
Published October 11, 2021 Updated October 11, 2021

Created in less than a year, the SHIB coin gained about 300% this week alone, as Elon Musk tweet about his new puppy [Shiba Inu]. Within this short time, the SHIB has attained a market cap of about 3billion USD, with a rapidly growing community behind the project.

Dubbed the Dogecoin [DOGE] killer, Shiba Inu, which is also viewed as a decentralized meme token has quickly evolved into a massive ecosystem with its very own decentralized exchange [Shiba Swap].

Following a similar path as Coinbase, Shiba Inu is also getting a listing on Coinbase and there are also rumor around a Robinhood listing.

Can the SHIB coin continue the current price increase after hitting the all-time on the Poloniex exchange or should we expect a cool-off in the upward momentum?

Let’s find out by analyzing the weekly,  daily, and 4HR charts of the SHIBUSDT.

Shiba Inu (SHIB) Weekly Chart Analysis

A bird’s eye view from the weekly time frame shows the SHIB coin slightly breaching the 0.000035 resistance established on the Poloniex crypto exchange, and quickly pull back some gains.

We notice the RSI [4] still hovers above level-25, an indication of an uptrend, and new highs to come. We expect the SHIB price to reach for the 0.000050 resistance established after the Dogekiller got listed on the Binance exchange.

Shiba Inu (SHIB) Daily Chart Analysis

The SHIBUSDT currently shows a slowing of the bullish momentum, after the series of bullish divergence that led to the roughly 380% price rise.

With the RSI below level-75, old traders may add to their existing positions and new traders could look to hop aboard the train.

Shiba Inu (SHIB) 4HR Chart Analysis

Upon hitting the 0.000035 resistance, a combination of regular bearish divergence and bull trap candlestick pattern sent the SHIB price into a correction phase.

Buying pressure signaled as a hidden bullish divergence alongside a breakout of bearish inside bar resistance keeps the SHIB price in an upward expanding channel.

A drop of the RSI below level-25 would be timely for a bear-trap and oversold as we expect the SHIBUSDT to skyrocket to the 0.000050 resistance.

Though very unlikely, a bearish scenario for the SHIBUSDT would take place after a price slump below the 0.00002058 support.

Shiba Inu (SHIB) Intraday Levels

  • Spot rate: 0.000002587
  • Mid–Term Trend [H4]: Strong Bullish
  • Volatility: High
  • Support: $0.000035 and $0.000050
  • Resistance: $0.000020 and $0.000035
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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Sunil Sharma
236 Articles
Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on Twitter at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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