The cryptocurrency market is sending mixed signals, with the price of bitcoin currently trading at $51,609.72. Altcoins are gaining massively, with the Shiba Inu Price increasing by more than 70%. While Ethereum has reached $3,500, the Cardano price remains around $2.3.
SHIB Price has been the talk of the town for the past few days. Since Monday, when Tesla CEO Elon Musk tweeted an image of his pet dog Floki, a Shiba Inu, sitting atop a Tesla car, the Shiba Inu coin has experienced a massive rally.
Where is Shiba Inu Price Heading to?
During the third quarter, the Shiba Inu Price consolidated below the $0.000009 horizontal resistance level. The fact that the Meme token consolidated for three months before a massive breakout indicates that the upward movement could be significant.
The dogekiller first appeared on October 4th, amidst a massive bullish candlestick. SHIB Price increased by more than 200 percent in a week, reaching $0.00002274.
At the time of writing, the SHIB price is trading at $0.00002169, up 70%. The altcoin is now approaching the $0.00002360 resistance level. Later, the next level of resistance would be at $0.000027.
Because the SHIB/USD is currently trading above $0.0000200, the token must now break through this resistance level in order to continue its rally. During this phase, we can expect the price to reach $0.0000347, representing a more than 50% increase. If the buying spree continues, the SHIB price could reach an all-time high of $0.00003800.
On the other hand, if the price falls below $0.00002030 or $0.00001820, it indicates that selling pressure is present. In this case, we can anticipate a retracement of the SHIB price to the $0.0000141 level. If the Meme token falls to this level, we can expect a few days of consolidation. However, given the bullish market trends, it appears unlikely that the altcoin price will fall below $0.0000100.
Overall, because the dog-themed token has not retreated since the breakout, we can anticipate rejection and a short-term retracement.
Source: CoinPedia
Elon Musk Tweets a Puppy Picture. Shiba INU has Increased By nearly 1,000%