Created in less than a year, the SHIB coin gained about 300% this week alone, as Elon Musk tweet about his new puppy [Shiba Inu]. Within this short time, the SHIB has attained a market cap of about 3billion USD, with a rapidly growing community behind the project.
Dubbed the Dogecoin [DOGE] killer, Shiba Inu, which is also viewed as a decentralized meme token has quickly evolved into a massive ecosystem with its very own decentralized exchange [Shiba Swap].
Following a similar path as Coinbase, Shiba Inu is also getting a listing on Coinbase and there are also rumor around a Robinhood listing.
Can the SHIB coin continue the current price increase after hitting the all-time on the Poloniex exchange or should we expect a cool-off in the upward momentum?
Let’s find out by analyzing the weekly, daily, and 4HR charts of the SHIBUSDT.
Shiba Inu (SHIB) Weekly Chart Analysis
A bird’s eye view from the weekly time frame shows the SHIB coin slightly breaching the 0.00035 resistance established on the Poloniex crypto exchange, and quickly pull back some gains.
We notice the RSI  still hovers above level-25, an indication of an uptrend, and new highs to come. We expect the SHIB price to reach for the 0.00050 resistance established after the Dogekiller got listed on the Binance exchange.
Shiba Inu (SHIB) Daily Chart Analysis
The SHIBUSDT currently shows a slowing of the bullish momentum, after the series of bullish divergence that led to the roughly 380% price rise.
With the RSI below level-75, old traders may add to their existing positions and new traders could look to hop aboard the train.
Shiba Inu (SHIB) 4HR Chart Analysis
Upon hitting the 0.00035 resistance, a combination of regular bearish divergence and bull trap candlestick pattern sent the SHIB price into a correction phase.
Buying pressure signaled as a hidden bullish divergence alongside a breakout of bearish inside bar resistance keeps the SHIB price in an upward expanding channel.
A drop of the RSI below level-25 would be timely for a bear-trap and oversold as we expect the SHIBUSDT to skyrocket to the 0.00050 resistance.
Though very unlikely, a bearish scenario for the SHIBUSDT would take place after a price slump below the 0.00002058 support.
Shiba Inu (SHIB) Intraday Levels
- Spot rate: 0.00002587
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $0.00035 and $0.00050
- Resistance: $0.000020 and $0.000035
The post Shiba Inu (SHIB) Price Analysis: SHIBUSDT Tests the $0.00035 ATH, Is $0.0005 Next? appeared first on Coingape.
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