- Shiba Inu price analysis is bullish today.
- SHIB/USD spiked to $0.000024 this morning.
- A brief retest of $0.000020 as support followed today.
Shiba Inu price analysis is bullish today as further upside was seen overnight, with the $0.000024 reached this morning. Since further downside was rejected earlier today, we expect SHIB/USD to continue higher over the next 24 hours.
The overall market traded in the red over the last 24 hours. The market leader stood its ground, with a gain of 4.86 percent, while Ethereum declined by 0.79 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 42 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu tests $0.000024
SHIB/USD traded in a range of $0.00001529 – $0.00002436, indicating massive volatility over the last 24 hours. Trading volume has spiked by 81.49 percent and totals $14.69 billion, while the total market cap trades around $8.89 billion, ranking the coin in 20th place overall.
SHIB/USD 4-hour chart: SHIB briefly retests $0.00002 as support
On the 4-hour chart, we can see bulls returning in the market as Shiba Inu price moves back towards the $0.000024 high.
Shiba Inu price has seen strong bullish momentum over the last week. After several days of consolidation around $0.000007 at the end of September, bullish momentum started gaining ground on the 1st of October.
SHIB/USD broke past the previous major resistance at $0.00009 on the 4th of October, with the $0.000015 marked reached as the initial target. Further, this week, another push higher took SHIB to $0.00002 yesterday.
After a slight retracement to retest the $0.000016 as support, Shiba Inu price action continued higher to $0.000024 this morning, with another brief retest of the previous high seen today. Overall, as long as SHIB/USD remains above $0.00002, we expect further upside to follow.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bullish for the next 24 hours as the downside was rejected earlier today and bulls have pushed SHIB back to a $0.000024 high. Therefore, we expect further upside to follow over the next 24 hours.
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