Price Analysis

Shiba Inu slides to consolidation! SHIB Price Predicted to Hit ATH Again

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The Shiba Inu reached an all-time high price of $0.00008845 in the last week of October 2021. Furthermore, the Shiba coin has increased by over 69 percent in the last few months.

SHIB in the last 24 hours has shown minimal volatility as it traded in the range of $0.0000512 – $0.00005537. At the time of writing, it is trading at $0.000052, the next resistance from here can be found at $0.000056. However, incase of a downtrend, support lies at $0.000044.

As for the technical indicators, The RSI is neutral at 51.86, and the moving averages show a neutral indication.

SHIB Price to hit ATH Again?

A well-known crypto strategist and trader expects an epic surge for XRP, claiming that meme coin Shiba Inu (SHIB) is poised to reach an all-time high.

Analyst Scott Melker tells his YouTube subscribers in a new strategy session that Shiba Inu appears bullish after breaking over a diagonal resistance that has kept Shiba negative in recent weeks. 

He explains that he bought SHIB as it was breaking out, and he thinks SHIB would revisit it’s all time high. 

“This thing has a ton of volume. We’re seeing this four-hour candle is the biggest in a few days, breaking out. I love that. My target’s up here ($0.000089).”

From October 23 to October 28, SHIB surged about 219 percent, reaching a new all-time high of $0.0000885. This ascent is referred to as a ‘Flagpole’ by analysts. After an extraordinary rally, the price of Self-claimed DOGEKILLER eventually stabilised, forming a flag with lower highs and higher lows.

Bulls in SHIB attempted to push the price over the weekly mid-price level of $0.00005433. Unfortunately, it came to a halt along the way, as its appeal began to diminish following the US inflation report. 

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Elena R

Elena is an expert in technical analysis and risk management in cryptocurrency market. She has 10+year experience in writing - accordingly she is avid journalists with a passion towards researching new insights coming into crypto erena.

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