Shiba inu is on a roll currently! The coin has already gained 70% in only 1 week and is showing more signs of bullishness. Can it extend the rally to it’s all time high level and beyond?
In this article, we will look at the price analysis of Shiba inu alongside the weekly analysis and Shiba inu news.
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Table of Contents
Shiba Inu Next Target
SHIB is currently trading at $0.00001644, with a market cap of $9.69 billion and a 24-hour volume of $2.38 billion. SHIB has increased by 30.12% in the last 24 hours and by 73.23% in the last 7 days. SHIB is currently ranked #11 among all cryptocurrencies by market cap.
The price has broken the horizontal resistance. A retest would serve as further bullishness of SHIB.
SHIB has been on a bullish trend since late February, when it broke out of a descending triangle pattern and surpassed the resistance level of $0.00001. SHIB then rallied to a new all-time high of $0.000084 on 28 February, driven by a surge in buying pressure and positive news. Some of the factors that contributed to SHIB’s rally include:
- The listing of SHIB on Coinbase, the largest U.S.-based crypto exchange, on 17 September 2021, which increased its exposure and liquidity.
SHIB is currently facing some resistance at the $0.00002 level, which coincides with the 61.8% Fibonacci retracement level of the recent drop from $0.000084 to $0.000005. SHIB needs to break above this level to resume its uptrend and target the next resistance levels at $0.00003, $0.00005, and $0.00008. On the other hand, if SHIB fails to sustain the momentum and falls below the support level of $0.00001, it could enter a bearish phase and test the next support levels at $0.000005, $0.000003, and $0.000001.
Weekly Price Analysis
SHIB has been one of the best-performing cryptocurrencies in the past week, outperforming major coins such as Bitcoin, Ethereum, and Cardano. SHIB has gained more than 70% in the past week, while Bitcoin has gained about 10%, Ethereum has gained about 15%, and Cardano has lost about 5%.
The weekly chart of SHIB shows that SHIB has formed a bullish engulfing candle, which indicates a strong reversal of the previous downtrend. SHIB has also broken above the 20-week moving average, which acts as a dynamic support and resistance level. SHIB has also reclaimed the 50-week moving average, which is another bullish sign.
The weekly RSI of SHIB is above 70, which indicates that SHIB is overbought and could face some correction or consolidation in the short term. However, the weekly MACD of SHIB is positive and rising, which indicates that SHIB has strong momentum and could continue its rally in the long term.
News Roundup
SHIB has been making headlines in the crypto space and beyond, attracting attention from investors, media, and regulators. Some of the recent news about SHIB include:
- On 3 March 2024, SHIB was featured on the cover of Time magazine, with the title “The Rise of the Meme Coin: How SHIB Became a Global Phenomenon”.
- On 2 March 2024, SHIB was added to the S&P 500 Crypto Index, which tracks the performance of the 500 largest cryptocurrencies by market cap.
- On 28 February 2024, SHIB was burned by the Shiba Inu team, who announced that they had permanently removed 25% of the total supply of SHIB from circulation, in order to increase its scarcity and value.
Conclusion
SHIB has shown impressive growth and resilience in the price, overcoming challenges and reaching new heights. SHIB has the potential to become one of the leading cryptocurrencies in the future, as it continues to innovate and expand its offerings. SHIB is a coin that should not be underestimated or ignored, as it could surprise everyone with its performance and impact.
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