in

Shiba Inu Price Analysis: SHIB returns to $0.000025 support, upside to follow?


TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD retraced back to $0.000025 previous support.
  • SHIB currently consolidates.

Shiba Inu price analysis is bullish today as support has been found around the $0.000025 previous support, resulting in a sideways consolidation over the past 24 hours. Therefore, we expect SHIB/USD to regain some bullish momentum and look to rally higher again.

Shiba Inu Price Analysis: SHIB returns to $0.000025 support, upside to follow? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with bullish momentum over the last 24 hours. Bitcoin gained 3.72 percent, while Ethereum 4.5 percent. Polkadot (DOT) continues to dominate the market with a gain of almost 10 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu consolidates above $0.000025 support

SHIB/USD traded in a range of $0.0000243 – $0.00002747, indicating low volatility over the last 24 hours. Trading volume has declined by 21.92 percent and totals $2.98 billion, while the total market cap trades around $10.23 billion, ranking the coin in 21st place overall.

SHIB/USD 4-hour chart: SHIB to reverse higher?

On the 4-hour chart, we can see the Shiba Inu price action forming a consolidation which should result in another attempt to move higher over the weekend.

Shiba Inu Price Analysis: SHIB returns to $0.000025 support, upside to follow?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu has seen an exceptional performance so far this month. After several days of consolidation around $0.000007 by the end of September, a strong push higher began on the 4th of October.

SHIB/USD eventually peaked at around $0.000035 on the 7th of October after several days on strong bullish momentum. The following day, a quick retracement of around 40 percent took SHIB to just above $0.00002 previous local resistance. 

Bullish momentum returned from there, leading SHIB/USD to $0.000032 after two pushes higher. However, Shiba Inu saw bulls exhausted early this week, leading to a slow retracement over several days to the $0.000025 mark.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today as support has been found around $0.000025 after several days of slow retracement. Therefore, we expect SHIB/USD will move higher later this weekend as bearish momentum has ended.

While waiting for Shiba Inu to move further, read our guides on Metaverse wallet, Fiat wallet reviews, and NFT art finance token.

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.



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *

GIPHY App Key not set. Please check settings

What do you think?

Second-largest US mortgage lender UWM ditches bitcoin payments plans after running a test.

Second-largest US mortgage lender UWM ditches bitcoin payments plans after running a test.

Edward Snowden calls CBDCs perversion of cryptocurrencies - Blockbulletin

Edward Snowden calls CBDCs perversion of cryptocurrencies – Blockbulletin