- SHIBA INU sets new All-Time High price of $0.00004813.
- SHIBA INU community react to recent price drop due to Elon Musk Tweet.
- SHIBA INU price regains a bullish momentum.
SHIBA INU price has resumed its bullish momentum today, with the token recording new ATH a few hours ago. At the time of this writing, the SHIB token is trading at USD 0.00004738.
The new trend places the “Dogecoin Killer” back at position #11 by Market Cap with a market dominance of 0.086 percent.
The rally continued smoothly until one of the Shiba Inu accounts on Twitter decided to Ask Elon Musk the amount of SHIB tokens he owns.
The move, however, backfired on the SHIBA team when Elon Musk responded that he owns “None.” The remark led to a sharp drop in SHIBA INU price, moving the token from number #11 to #13 rank by Market Cap.
— Shiba Inu (@ShibaInuHodler) October 24, 2021
SHIBA INU price hits today new all-time high
Today, SHIB/USDT pair increased its trading volume in the last 24 hours to 2,541,414,323.99 US dollars. At the moment, the SHIB INU trend analysis indicates the token is trying to break out of its resistance level at $0.00004800 by looking at the 15-minute candlesticks.
The Shiba Inu community has responded to the recent price shake due to Elon’s Musk Twitter response by purchasing more SHIBA INU tokens to restore the bullish momentum.
The move shows the importance of a crypto community and the resilience of SHIBA to eventually overthrow Dogecoin as the largest meme coin by Market Cap. However, the race between SHIBA Inu and Dogecoin is challenging since the Tesla Chief Executive Officer, Elon Musk has openly declared his support for Dogecoin. In a follow-up tweet on October 24th that he only holds Dogecoin, ETH, and Bitcoin. The Tweet is a massive endorsement for Dogecoin.
Out of curiosity, I acquired some ascii hash strings called “Bitcoin, Ethereum & Doge”. That’s it.
As I’ve said before, don’t bet the farm on crypto! True value is building products & providing services to your fellow human beings, not money in any form.
— Elon Musk (@elonmusk) October 24, 2021
SHIB price forecast based on trend analysis
Technical analysis of the Shiba Inu price chart indicates that the cryptocurrency will continue to retest the resistance level attempting to break out.
The trading volume appears to be strong, and the SHIB bulls are determined to overcome the bears.
The SHIBA INU cryptocurrency has one of the most vibrant crypto communities in the crypto market, with a strong belief that they can HOLD the token until it hits the one US dollar mark, which is popularly terms as “the moon.”
On the Trading View charts for the SHIB/USDT pair, the 25-day Moving Average lies above the 50-day moving average, and the 50 day moving average lies above the 200-day Moving Average, indicating strong bullish momentum.
Image Courtesy of TradingView
Following the recent Tweet from Elon Musk, the SHIB token experienced a sharp decline in prices that elicited conversations about the legitimacy of such meme coins as an Investment.
However, the Shiba Inu community has benefited from Elon’s occasional tweets about his Floki Frankpuppy, a Shiba Inu dog.
The recent detrimental tweet that triggered a bearish trend was only overcome due to the firm belief by the SHIBA INU community. The community has managed to overturn the trend from bearish momentum to bullish momentum, leading to the new ATH.
As Bitcoin is less easily swayed by minor news events and market changes, smaller altcoins like SHIB are far more susceptible to sudden, significant fluctuations in price due to having greater negligibility in value. What’s your observation regarding SHIB? Please tell us in your comments below,