The crypto market is making decent gains on Monday after the weekend’s flat price action. Shiba Inu (SHIB) traded to fresh all-time highs (ATH) at $0.0000446 on Oct. 24, flipping the previous record price of $0.0000399 reached in May. Shiba Inu has been on a bullish move since the start of October and seems to be maintaining this trend despite Elon Musk’s revelation that he doesn’t own any SHIB coin. At the time of post, SHIB was trading up 5% on the day at $0.00003857, significantly up from the day’s lows seen at $0.00003501 and 14.42% down from its ATH. Despite the dip, interest in the meme coin remains high as SHIB’s 24-hour trading volume stood at a towering $13.8 billion while ranking 13th largest cryptocurrency according to coinmarket cap. An upcoming Bitfinex listing also adds to community enthusiasm. Chinese crypto influencer, Collin Wu notes ”According to ShibaSwap Analytics data, in the past 24 hours, the trading volume of SHIB-WETH in ShibaSwap exceeded 230m, increase of more than 500%”.
Key Levels
Resistance Levels: $0.00005000, $0.00004750, $0.00004465
Support Levels: $0.00003214, $0.00002736, $0.00002360
SHIB/USD Daily ChartSHIB’s price surged over the last two days after it resolved a bullish pennant. The bullish rally extended towards a fresh all-time high of $0.0000446 on Oct. 24 before slight profit-taking. Presently, SHIB has ticked higher and above the previous day’s low at $0.0000323, hinting that it is not ready to give up its positive trajectory yet. The $0.00004153 high is keeping the bulls busy on the daily chart today.
Should it fail to hold, Shiba Inu could advance toward its record highs registered at $0.0000446. At this point, it would be interesting to see if Shiba Inu creates a bearish double top formation or extends its uptrend to uncharted territory and towards the $0.00005 and $0.00006 levels. The RSI above 70 is yet to confirm overbought levels, suggesting more room to run. The $0.00003535 high stands as immediate support to the downside.
SHIB/USD 4-Hour ChartSHIB broke out of its weeklong consolidation range to tap record highs at $0.0000446. Price action found support at $0.00003282 after the earlier profit-taking, a sign of a bullish continuation now that the sellers could be out of action. The upside-looking moving averages 50 and 200 seem to confirm the positive outlook. $0.00004153 is the immediate resistance and its clearance would lead to the all-time high at $0.0000446.
A bullish close above this critical level would lift SHIB to $0.00005. However, the market may consolidate a while as it takes time to digest the recent record highs. If, however, the strong upside momentum was to lose steam and the SHIB/USD pair reversed lower, major support would come in at the MA 50 ($0.00003025) ahead of the $0.00002378 level.
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