Shiba Inu Price Analysis: SHIB bulls strength take it at an inflection point

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TL;DR Breakdown

  • Shiba Inu price analysis highlights its recent 58 percent surge.
  • Since hitting a local bottom at $0.00000520, Shiba Inu has surged by over 55 percent.
  • The $0.0000081 resistance level will determine SHIB’s upsurge price movement.
  • If Shiba Inu closes the day above its supply barrier, it might end up towards $0.0000088.

Shiba Inu’s popularity seems to rise, especially after securing a partnership with a significant lover of meme-themed cryptocurrencies, Elon Musk. Recently, Shiba Inu has been registering positive price actions, and just like other leading altcoins, it is trading in the green. Shiba Inu is currently exchanging hands at around $0.00000806 on significant exchange platforms after securing a 7 percent increase in value.

Shiba Inu Price Analysis: General price overview

Shiba Inu’s price movement shows the token is undergoing a colossal price comeback. However, the crypto coin is yet to register a price reversion and seems to be depending on the strength of bulls to break out above a crucial resistance level. If the crypto asset manages to breach this critical ceiling, it will likely proceed with its bullish momentum. On the other hand, the failure of the bulls to push Shiba Inu past this critical level will result in price retracement.

Apart from fetching reasonable prices, Shiba Inu appears to be one of the few crypto-assets investors should be on the lookout for. The meme-themed crypto-asset exchanged hands at an all-time milestone of about $0.00003477 before the dreaded May marketwide crash came to play. Before the market crash, Shiba Inu had registered a 21,000 percent price gain. However, due to the effects of the crash, SHIB failed to hold onto these gains and plunged to lower levels like most altcoins.

Shiba Inu price movement in the past 24 hours

According to SHIB’s 24-hour price chart, the crypto coin seems to be trying to regain lost ground to rise towards higher levels. At present, the crypto asset needs to focus on breaking out above the $0.00001 price level. If Shiba Inu manages to breach this resistance level, it will signify the start of another bull run. Such a situation will create an ideal entry point for traders wishing to accumulate their holdings. If things take this turn, Shiba Inu might hold above the $1 mark before embarking on rebounding towards pre-market crash levels.

On the other hand, if the crypto asset fails to hold above the $0.00001 mark and plunges below the $0.000005, the crypto coin might create an ideal entry point for new investors. This will likely see Shiba Inu stabilize at its current price values. Notwithstanding, the crypto asset needs to ensure it does not plunge below May lows to keep alive any bullish projections.

Shiba Inu 4-hour chart

Shiba Inu Price Analysis: SHIB bulls strength take it at an inflection point 1
Source: TradingView

According to the 4-hour chart, if Shiba Inu fails to break out above the $0.00000811 resistance level, it will indicate the exhaustion of the bulls. In such an event, Shiba Inu might register adverse price movements towards its closest support barrier at around $0.00000740. In the event of a price breakdown past the $0.00000739 range, Shiba Inu would have invalidated any possibility of registering upward price movements. This will trigger the start of a price reversal that might see the crypto coin drop by 16 percent to its subsequent support line at $0.00000625.

Conclusion

As aforementioned above, Shiba Inu has been receiving overpowering support from serial entrepreneur Elon Musk, which has led to its recent price rally. If Elon has ditched Dogecoin for Shiba Inu for sure, the crypto coin is then destined for incredible returns soon, considering Elon assisted Dogecoin to reach its current levels. As it has been the norm, an endorsement by Elon means massive profits for Shiba holders.

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.