- Shiba Inu price analysis is bullish today.
- SHIB/USD set a new all-time high at $0.000044
- Retracement found support at $0.000035 previous high.
Shiba Inu price analysis is bullish today as the previous major resistance got retested as support at $0.000035, and the further downside was not seen. Therefore, once SHIB/USD stabilizes, we expect further attempts to push higher.
The cryptocurrency market traded in the green over the last 24 hours. The market leader, Bitcoin, gained 4.93 percent, while Ethereum was up by 2.9 percent. Meanwhile, Solana (SOL) was among the top performers from the majors, having a gain of 11.6 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu retests $0.000035 previous all-time high as support.
SHIB/USD traded in a range of $0.00003423 – $0.00004142, indicating strong volatility over the last 24 hours. Trading volume has declined by 4.65 percent and totals $12.6 billion, while the total market cap trades around $15.67 billion, ranking the coin in 13th place overall.
SHIB/USD 4-hour chart: SHIB prepares to move higher at $0.00004
On the 4-hour chart, we can see the Shiba Inu price starting to consolidate around $0.00004 after a brief retest of $0.000035 as support.
Shiba Inu price saw several weeks of calm sideways action after a strong rally set a new all-time high at $0.000035 at the beginning of October. From there, SHIB/USD retraced to $0.00002, with further upside attempt stopped at $0.000032.
Over the following weeks, SHIB/USD eventually stabilized above $0.000025 support and $0.00003 resistance. After some further consolidation, the market broke higher on Saturday.
The Shiba Inu price reached past the $0.000035 previous all-time high until a new high was eventually set at $0.000044. Since then, SHIB/USD retraced to retest the $0.000035 previous all-time high as support before starting to stabilize around $0.00004.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bullish as a new higher low has been set at the previous all-time high of $0.000035. Therefore, we expect SHIB/USD to attempt to reach further upside after some consolidation.
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