Price Analysis

Shiba Inu Surged More Than 200% ! What Next? Will SHIB Price Pull Back or Hit ATH

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The cryptocurrency market is showing mixed signals with bitcoin price trading at $51,609.72. Altcoins are showing massive gains with Shiba Inu price rallying more than 70%.  While Ethereum has managed to $3,500, Cardano price is still hovering within  $2.3. 

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For the Past Couple of days, SHIB Price has been the talk of the town. The Shiba Inu coin has been experiencing a massive rally since Monday after Tesla CEO Elon Musk tweeted an image of his pet dog Floki – a Shiba Inu, sitting atop a Tesla car.

Where is SHIB Price Heading to? 

During the Q3 SHIB price consolidated below the $0.000009 horizontal resistance area. As the Meme token consolidated for 3 months before a massive breakout is a sign that upward movement could be very significant. 

On Oct 4, the dogekiller broke out amidst a massive bullish candlestick. Overall, in a span of a week, SHIB Price surged more than 200% hitting $0.00002274. 

At the time of writing, SHIB price is trading at $0.00002169 with 70% gains. The altcoin is now approaching the resistance level at $0.00002360. Later, the next resistance area would be at $0.000027.

Also Read: SHIB Price Eyeing $0.0000200! Can Traders Expect Extended Shiba Inu Rally!

shib pricing

As the SHIB/USD is trading above $0.0000200, now the token needs to break this resistance level for an extended rally. During this phase, we can expect the price to hit $0.0000347 with a more than 50% surge. In case the buying spree continues, SHIB price can hit ATH $0.00003800

On the flip side, if the price drops below $0.00002030 or $0.00001820 will indicate the selling pressure. In This case, we can expect the SHIB price to retrace the $0.0000141 level. If the Meme token drops to this level we can expect the consolidation phase for a few days. However, considering the bullish market trends the altcoin price dropping below $0.0000100 seems unlikely. 

Overall, currently, as the dog-themed token has not retracted at all since the breakout, we can expect rejection and short-term retracement.

Also Read : What’s Awaited For Bitcoin, Ethereum Price As Crypto Market Turns Bullish!

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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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