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Shiba Inu Price Analysis: SHIB spikes to 0.000035, slowly targets $0.000050 next?


TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD continues to push higher overnight.
  • Previous swing high at $0.000024 broken.

Shiba Inu price analysis is bullish today as another spike of more than 50 percent higher was seen over the last 24 hours. Therefore, SHIB/USD bullish momentum will likely continue later today.

Shiba Inu Price Analysis: SHIB spikes to 0.000035, slowly targets $0.000050 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded with mixed results over the last 24 hours as bears took over earlier today. The market leaders, Bitcoin and Ethereum, are down by 0.09 and 0.31 percent, while Shiba Inu (SHIB) continues to dominate, with a gain of almost 40 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu rallies further to $0.000035

SHIB/USD traded in a range of $0.00002133 – $0.00003502, indicating extreme volatility over the last 24 hours. Meanwhile, the total trading volume has increased by 32.14 percent and totals $19.3 billion, while the total market cap trades around $13.4 billion, ranking the coin in 13th place overall.

SHIB/USD 4-hour chart: SHIB to reverse later today?

On the 4-hour chart, we can see Shiba Inu price testing previous high with some rejection, indicating that we could see a retracement over the next 24 hours.

Shiba Inu Price Analysis: SHIB spikes to 0.000035, next target at $0.000050?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price action continues to dominate the market this week. From the last major support around $0.0000075 to the current high of $0.000035, SHIBA/USD has seen only minor retracements.

Yesterday, we saw Shiba continue higher, with the $0.000035 mark reached overnight. Since then, we have seen another minor retracement to $0.000028, where bulls took over control again.

Over the last hours, Shiba Inu price action has approached the previous high at $0.000035, indicating that we could see another strong push higher. If SHIB breaks higher, the $0.000050 mark will likely be the next target.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today if the current high at $0.000035 can be broken. Alternatively, we will see SHIB/USD consolidate further and potentially retrace back to $0.000028. 

While waiting for Shiba Inu to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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.



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