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Shiba Inu Price Analysis: SHIB swiftly moves to $0.000024, will the rally continue?

Shiba Inu price analysis

TL;DR Breakdown

  • 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.

Shiba Inu Price Analysis: SHIB swiftly moves to $0.000024, will the rally continue? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: SHIB spikes to $0.000024, will the rally continue?
SHIB/USD 4-hour chart. Source: TradingView

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.

While waiting for Shiba Inu to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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