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Shiba Inu Price Analysis: SHIB swiftly moves to $0.000024, will the rally continue?

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  • Shiba Inu price analysis is bullish today.
  • SHIB/USD spiked to $0.000024 this morning.
  • A brief retest of $0.000020 as support followed today.

Shiba Inu price analysis is bullish today as further upside was seen overnight, with the $0.000024 reached this morning. Since further downside was rejected earlier today, we expect SHIB/USD to continue higher over the next 24 hours.

Shiba Inu Price Analysis: SHIB swiftly moves to $0.000024, will the rally continue? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. The market leader stood its ground, with a gain of 4.86 percent, while Ethereum declined by 0.79 percent. Meanwhile, Shiba Inu (SHIB) is the top performer, with a gain of 42 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu tests $0.000024

SHIB/USD traded in a range of $0.00001529 – $0.00002436, indicating massive volatility over the last 24 hours. Trading volume has spiked by 81.49 percent and totals $14.69 billion, while the total market cap trades around $8.89 billion, ranking the coin in 20th place overall.

SHIB/USD 4-hour chart: SHIB briefly retests $0.00002 as support

On the 4-hour chart, we can see bulls returning in the market as Shiba Inu price moves back towards the $0.000024 high.

Shiba Inu Price Analysis: SHIB spikes to $0.000024, will the rally continue?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price has seen strong bullish momentum over the last week. After several days of consolidation around $0.000007 at the end of September, bullish momentum started gaining ground on the 1st of October.

SHIB/USD broke past the previous major resistance at $0.00009 on the 4th of October, with the $0.000015 marked reached as the initial target. Further, this week, another push higher took SHIB to $0.00002 yesterday.

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After a slight retracement to retest the $0.000016 as support, Shiba Inu price action continued higher to $0.000024 this morning, with another brief retest of the previous high seen today. Overall, as long as SHIB/USD remains above $0.00002, we expect further upside to follow.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish for the next 24 hours as the downside was rejected earlier today and bulls have pushed SHIB back to a $0.000024 high. Therefore, we expect further upside to follow over the next 24 hours.

While waiting for Shiba Inu to move further, read our guides on Best NFT marketplaces, NFT history and development, as well as NFT Music.

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Shiba Inu (SHIB) now listed on Public, Robinhood next?

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  • Trading platform, Public.com has added Shiba Inu to its list of supported cryptocurrencies.
  • Many SHIB investors are also interested in seeing Robinhood list the dog-themed cryptocurrency on their platform. 

On Wednesday, retail investment platform Public.com announced on Twitter the “Dogecoin Killer” Shiba Inu (SHIB) has been listed for trading on their platform, beating its popular competitor Robinhood to the token listing.

Shiba Inu is now traded on Public

Since Public came into the business in 2019, it provided millions of investors the access to investing in stocks and exchange-traded funds (ETF). Early in October, however, it joined the likes of Rohinbood to launch the option for investors to trade 10 digital currencies at the time, including Bitcoin, Ether, Dogecoin, Litecoin, and others. 

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Shiba Inu Price Prediction: SHIB at edge of 20% ascent if bulls conquer last hurdle

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  • Shiba Inu price is preparing for a 20% rally once it overcomes one last obstacle.
  • SHIB needs to slice above the prevailing chart pattern’s neckline at $0.00002946 before ascending to the October 7 high.
  • If Shiba Inu falls below $0.00002712, the token would fall back into a consolidation pattern, continuing to trend sideways.

Shiba Inu price continues to consolidate as it moves sideways following the tremendous bull run earlier this month. SHIB has presented a buying opportunity as it edges closer to a 20% rally following the emergence of a bullish technical pattern.

Shiba Inu price awaits climb toward $0.00003543

Shiba Inu price has formed an inverse head-and-shoulders pattern on the 4-hour chart. The prevailing technical pattern suggests a 20% breakout toward $0.00003543, the October 7 high, once SHIB surges above the neckline of the chart pattern at $0.00002946. Until the dog-themed token is able to slice above this one last obstacle, it may continue to trend sideways.

Adding credence to the bullish outlook is the break above the descending resistance trend line that formed since the swing high on October 7. However, before Shiba Inu price could reach the aforementioned optimistic target, there remain two major hurdles: the October 13 high and the October 11 high at $0.00003073 and $0.00003200, respectively.

Shiba Inu price appears to be also devising a symmetrical triangle pattern, with a measured 42% rally if SHIB makes a decisive move toward the upside. Although the token broke above the resistance trend line, it appears to be hovering around the topside trend line of the triangle pattern. 

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A spike in buy orders could see Shiba Inu price slice above the inverse head-and-shoulders neckline and eventually prepare for a 20% rally.

SHIB USDT

SHIB/USDT 4-hour chart

However, if SHIB suffers weakness and sees its momentum flip to the downside, Shiba Inu price could drop toward the prevailing chart pattern’s right shoulder, ruining the bullish outlook.

The first line of defense for Shiba Inu price is at the descending trend line, which coincides with the 21 four-hour Simple Moving Average (SMA) at $0.00002826. Additional support will emerge at the 50 four-hour SMA at $0.00002739, before dropping to the right shoulder’s low at $0.00002712. Should SHIB tumble below this level, the token would devastate bulls as the token falls back into the symmetrical triangle pattern, indicating further consolidation.

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Additional selling pressure could see Shiba Inu price collapse toward the 100 four-hour SMA at $0.00002626, before descending further, tagging the ascending support trend line at $0.00002497.

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Shiba-Inu Price in Consolidation Phase! Is This the Calm Before the Storm?

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Cryptocurrencies have increased in value in the last 24 hours. Ether, the second-largest cryptocurrency and the unit linked to the Ethereum network, went up over 7% to $4,223, according to CoinGecko. Cardano price increased by about 4% to $2.24, dogecoin prices increased by more than 2.4 percent to $0.25, and Shiba Inu price increased by 0.2 percent to $0.00002813. 

Shiba-Inu Price Action

Shiba Inu Coin had a rough start to the day, falling to an intraday low of $0.00002717 in the early afternoon before making a move.

SHIB Price will now aim towards the $0.00003543 price level after forming an inverted head-and-shoulders formation on the 4-hour chart. SHIB is anticipated to break out to $0.00003543 from here, based on the technical pattern. 

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The break over the descending resistance trend line formed since the swing high on October 7 is adding to this bullish view. However, $0.00003073 and $0.00003200 will be the two major roadblocks to this rise.

Once it overcomes one last hurdle, the Shiba Inu price is poised for a 20% surge. Before climbing to the October 7 high, SHIB must slice above the prevailing chart pattern’s neckline at $0.00002946. Shiba Inu will return to a consolidation pattern if it goes below $0.00002712, continuing to trend sideways. 

SHIB Prices Rise With Transactions

SHIB transactions above $100,000 have often increased ahead of cryptocurrency price increases, according to cryptocurrency analytics firm Santiment. Whales, in particular, may be accumulating even more cryptocurrency ahead of these price increases.

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Shiba Inu coin has been added to the list of cryptocurrencies that users can buy and sell on Public, a retail trading app. 

The latest addition comes as the Shiba Inu coin, which was inspired by dogecoin and its eponymous dog breed, which has been on a tear this month, thanks in part to Tesla CEO Elon Musk’s enthusiasm.

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