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Shiba Inu (SHIB) Hits New All-Time High, Becomes Most Traded Cryptocurrency on Coinbase. Elon Musk: We expect $1.20 per SHIBA INU !

Shiba Inu surges over 45% in two days to reach an all-time high

The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which was followed by a week-long support at roughly $0.00002796.

Shiba Inu (SHIB), a spin-off to Dogecoin (DOGE) token, reached an all-time high following a price surge of more than 46% in just two days. The SHIB/USD trading pair was valued highest at $0.00003941 during press time.

The latest price jump of SHIB token is attributed to an ongoing bullish trend from Oct. 15, which helped the cryptocurrency’s value rally by more than 26%. Since Oct. 17, SHIB maintained week-long support at roughly $0.00002796 before resuming to bull run to its all-time high.

In the last seven days, Shiba Inu’s market value surged over 50% and currently stands as the 13th biggest cryptocurrency in terms of market capitalization, just three positions away from Dogecoin.

Currently, Shiba Inu holds the biggest circulating supply of nearly 395 trillion. Back in September, the Dogecoin-inspired token jumped 40% after Elon Musk, CEO of Tesla, tweeted about the arrival of a new Shiba Inu puppy called Floki.

A Cointelegraph analysis from Oct. 18 foresees SHIB token to target the $0.00005200 mark, determined by an expected rebound after the selloff season.
The growth of Dogecoin and Shiba Inu is primarily attributed to support from Tesla CEO Elon Musk. In a recent conference hosted in California, Musk said:

“It is not possible to, I think, destroy crypto, but it is possible for governments to slow down its advancement.”

Moreover, the entrepreneur believes that the United States government should “do nothing” for regulating cryptocurrencies.

Elon Musk: We expect $1.20 per SHIBA INU in the end of October!

Shiba Inu Price Analysis: SHIB Skyrockets 20%, Is New All-time High Incoming?

Shiba Inu (SHIB) surged more than 20%

in less than four hours today and is close (11%) to reaching its all-time high set on May 10, 2021.

Key Support level: $0.000032

Key Resistance level: $0.000035

Yesterday, SHIB had broken above a descending triangle formation, as seen on the following chart. Initially, it got rejected at the $0.00003 resistance level. However, after a slight pullback, SHIB managed to break above and quickly spiked towards the all-time high sitting at $0.000035.

This is roughly ~10-12% away from the current daily high as of writing these lines, according to CoinGecko. In case this resistance breaks – SHIB will reach the price discovery zone.

The bulls and bears are currently fighting just under this significant resistance. It is unclear if SHIB has the strength to push higher at this run. Following the 20% daily surge, it is likely that Shiba Inu will see some consolidation before a possible attempt to break the ATH.

Technical Indicators

Trading Volume: The volume exploded once the resistance at $0.00003 got broken. This shows the bulls took control of the price action. The question is if they can sustain it in the next few days.

RSI: The RSI is in the overbought area and reached almost the 80 level on the 4-hour timeframe. A pullback can be expected in the near future to cool off.

MACD: The histogram is firmly placed on the bullish side on lower timeframes such as on 4-hours. On the daily timeframe, SHIB has not yet crossed on the positive side, indicating that continuation is required for SHIB to turn bullish in the longer term.

Bias

This last move has turned the bias bullish over the short term. However, continuation is needed to gain more confidence in the current bullish price action in the longer term. A sharp rejection amid the all-time high resistance would cut this green momentum and likely see a rapid move to test lower support around $0.000032 and $0.00003.

Short-Term Price Prediction for SHIB Price

While there are good reasons to be bullish on SHIB currently, a break of the all-time high would be necessary to confirm that SHIB can sustain its current gains and push higher.

Until this happens, it is best to be cautious when the price hovers pretty close under the all-time high resistance, as any rejection can take the price back to $0.000032 or lower. Remember – a violent rapid move often ends in a violent move in the other direction.

 

also read :

Shiba Inu (SHIB) Hits New All-Time High, Becomes Most Traded Cryptocurrency on Coinbase

Shiba Inu, one of the most popular meme tokens, has just logged a new all-time high for the first time since May 11, according to data provided by cryptocurrency ranking website CoinGecko.

The Shiba Inu coin hit a new lifetime peak of $0.00003940 after its price jumped 42% within just two days.

Dogecoin, on the other hand, is still down a staggering 65% from its May 8 peak.

CoinMarketCap data shows that Shiba Inu has become the most-traded cryptocurrency on Coinbase.

It is worth noting that Shiba Inu recorded $1.078 million in daily trading volume on America’s largest exchange, which is more than Ether, Bitcoin, and Solana combined.

With a market cap of $15.4 billion, Shiba Inu is currently the 13th biggest cryptocurrency. It is inching closer to flipping Dogecoin, which remains in 9th place with a market cap of $32.7 billion.

 

Does Elon Musk hold Shiba Inu coin?

Tesla Inc chief Elon Musk recently tweeted a picture of his pet Floki, the Shiba Inu puppy, on a Tesla. … Created in August 2020 by an anonymous person known as Ryoshi, Shiba Inu coin’s price is negligible, which allows investors to hold billions and even trillions of this coin.

Did elon Musk tweet about Shiba Inu?

A tweet from crypto enthusiast and Tesla CEO Elon Musk seemed to kick off the trading surge. “Floki Frunkpuppy,” Musk tweeted on Oct. 4 alongside a photo of his new Shiba Inu puppy, named Floki. Shiba Inu coin jumped 40% in the hours after Musk’s tweet.

Does Elon Musk own Shiba?

Elon Musk has a new Shiba Inu Pet named Floki. Musk tweeted an image of his new pet.

related :

 

Shiba Inu

Shiba Inu (ticker: SHIB), also known informally as Shiba Token, is a decentralized cryptocurrency created in August 2020 by an anonymous person or persons known as “Ryoshi”.

Shiba Inu (柴犬) is a Japanese term for a breed of dog;

it is the dog that is depicted in Dogecoin‘s symbol, which itself was originally a joke cryptocurrency based on the Doge meme.

Shiba Inu was created in August 2020, modeled off Dogecoin, another cryptocurrency, by the anonymous founder known as “Ryoshi”.

On 13 May, Vitalik Buterin donated more than 50 trillion SHIB (worth over $1 billion at the time) to the India COVID-Crypto Relief Fund.

The cryptocurrency notably surged in early October 2021. Initially up over 55% after rumours of the launch of a decentralized exchange, its value continued rising with an increase of 240% over the week.