Shiba Inu Price Analysis: SHIB spikes above $0.000016, bullish momentum still strong

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD continues pushing higher.
  • Previous swing high at $0.000015 broken.

Shiba Inu price analysis is bullish today as a new several-month high has been set after a strong push higher started earlier today. Therefore, we expect SHIB/USD to continue higher and target the $0.000020 mark next.

Shiba Inu Price Analysis: SHIB spikes above $0.000016, bullish momentum still strong 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with strong bullish momentum over the last 24 hours. The market leader, Bitcoin, gained 5.73 percent, while Ethereum is up by 4.01 percent. Meanwhile, Shiba Inu dominates the market, with a gain of over 65 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu spikes above $0.000016

SHIB/USD traded in a range of $0.00000966 – $0.00001614, indicating massive volatility over the last 24 hours. Trading volume has increased by 440 percent and totals $8 billion, while the total market cap has grown to $6.28 billion, ranking the coin in 33rd place overall.

SHIB/USD 4-hour chart: SHIBA targets $0.000020 next?

On the 4-hour chart, we can see the Shiba Inu price continuing to rapidly advance after a retest of $0.0000125 support this morning.

Shiba Inu Price Analysis: SHIB spikes above $0.000017, bullish momentum still strong
SHIB/USD 4-hour chart. Source: TradingView

The overall market traded sideways during the end of September, as bulls built up momentum for the next leg up. Support was found around $0.0000066, with resistance around $0.0000075.

During the end of September, SHIB/USD slowly traded higher, with bullish momentum increasing during the first days of October. Yesterday, Shiba Inu price broke past the previous major swing high of $0.0000095, with further upside until the $0.000015 mark.

However, some retracement was seen overnight, with the $0.0000125 mark tested as a support and reversing the market higher again. What followed was further advance today, with the $0.000017 mark already breached.

Overall, this Shiba Inu price action development will likely lead the market much higher today, with the $0.000020 major price mark in sights next.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish as bulls have taken over the market momentum again after a test of the $0.0000125 mark as support this morning. Since then, SHIB/USD has continued to advance and has already breached the $0.000017 mark.

While waiting for Shiba Inu to move further, read our guides on Mycelium Wallet, Next Cryptocurrency to Explode in 2021, as well as our BitMEX review.

Disclaimer. The information provided is not trading advice. 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.

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