The cryptocurrency market is showing mixed signals with bitcoin price trading at $51,609.72. Altcoins are showing massive gains with Shiba Inu price rallying more than 70%. While Ethereum has managed to $3,500, Cardano price is still hovering within $2.3.
For the Past Couple of days, SHIB Price has been the talk of the town. The Shiba Inu coin has been experiencing a massive rally since Monday after Tesla CEO Elon Musk tweeted an image of his pet dog Floki – a Shiba Inu, sitting atop a Tesla car.
Where is SHIB Price Heading to?
During the Q3 SHIB price consolidated below the $0.000009 horizontal resistance area. As the Meme token consolidated for 3 months before a massive breakout is a sign that upward movement could be very significant.
On Oct 4, the dogekiller broke out amidst a massive bullish candlestick. Overall, in a span of a week, SHIB Price surged more than 200% hitting $0.00002274.
At the time of writing, SHIB price is trading at $0.00002169 with 70% gains. The altcoin is now approaching the resistance level at $0.00002360. Later, the next resistance area would be at $0.000027.
As the SHIB/USD is trading above $0.0000200, now the token needs to break this resistance level for an extended rally. During this phase, we can expect the price to hit $0.0000347 with a more than 50% surge. In case the buying spree continues, SHIB price can hit ATH $0.00003800
On the flip side, if the price drops below $0.00002030 or $0.00001820 will indicate the selling pressure. In This case, we can expect the SHIB price to retrace the $0.0000141 level. If the Meme token drops to this level we can expect the consolidation phase for a few days. However, considering the bullish market trends the altcoin price dropping below $0.0000100 seems unlikely.
Overall, currently, as the dog-themed token has not retracted at all since the breakout, we can expect rejection and short-term retracement.