- 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.
The Shiba Inu price analysis is positive today, as the major resistance of $0.000035 was revisited as support, and no additional declines were observed. As a result, when SHIB/USD steadies, we anticipate further attempts to push higher.
Shiba Inu price movement in the last 24 hours: Shiba Inu set all time high at $0.00004
The price of SHIB/USD has been trading inside a range of $0.00003423 to $0.00004142 over the last 24 hours, suggesting high volatility. Trading volume has decreased by 4.65 percent and is now at $12.6 billion, while the overall market cap is valued at around $15.67 billion
SHIB/USD 4-hour chart: SHIB prepares for further upsides
On the 4-hour chart, we can see that the Shiba Inu price is beginning to consolidate around $0.00004, where it found support after a brief retest of $0.000035 as support.
SHIB/USD 4-hour chart. Source: TradingView
After a strong rally established a new all-time high of $0.000035 at the beginning of October, Shiba Inu prices spent several weeks in quiet sideways movement. SHIB/USD then retraced to $0.00002 before being halted at $0.000032 by additional upside buying.
SHIB/USD appeared to be finding support at the $0.000025 level and then climbed steadily up through $0.00003 resistance before returning to consolidation. On Saturday, the marketplace rallied again after some further consolidation.
After closing at $0.000036, the Shiba Inu price rallied last year to a new all-time high of $0.000044, surpassing the previous all-time high of $0.000035 by more than 2 percent.
Shiba Inu Price Analysis: Conclusion
As a result of the lower high from May 15, Shiba Inu’s price analysis is bullish. As a new higher low has been established at the previous all-time high of $0.000035, we anticipate that SHIB/USD will attempt to rise further.