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Shiba Inu price analysis: SHIB unable to break resistance at $0.00002601, what’s next?

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  • Shiba Inu price analysis is bearish for today, down by 2.7%.
  • The price of the coin found resistance at $0.00002601.
  • The nearest support on the 4-hour is present at $0.00002121.

While the Shiba Inu price analysis is bearish today, major investors predict that future prices will go higher. Yesterday, SHIB/USDT price was unable to break through the resistance at $0.00003455. As a result, we saw a price retracement towards the support at $0.00002121.

The bulls tried to take the prices higher but found another resistance at $0.00002601. As a result, the support is being tested again. The data by CoinmarketCap shows that the trading volume fell by 22.78%, at $14.2 billion. This makes SHIB/USDT pair one of the most actively traded tokens across various exchanges.

On the other hand, the market capitalization has witnessed a downfall of 32.81%, as the token took 21st place on the market ranking.

Shiba Inu price movement in recent days

Shiba Inu’s price movement in recent days has been extremely bullish. As Bitcoin is looking to conquer the $56K price level, we can see that the price of SHIB has also increased exponentially.

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On 1st October, we saw a 6.94% rise, while on 3rd October, the coin’s price rose by another 8.65%. Whereas the SHIB token rose by 57.85% on 4th October, on 5th October, the pieces rose by 28.49%.

Furthermore, on 6th October, the coin rose by more than 60%, followed by a price drop of 17% the very next day. Overall, the monthly candle for the coin is up by more than 200%.

Shiba Inu price analysis: Technical indicators are still bullish

The technical indicators suggest a bullish Shiba Inu price analysis. The price action exploded through the upper end of the Bollinger Bands a few days ago, while the momentum in the Bands is still bullish.

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The 100-day and 50-day Moving Averages are still positioned below the price actions. This shows that the price action is still bullish, and these key Moving Averages will act as important support levels.

Shiba Inu price analysis
Shiba Inu price analysis on the 4-hour chart by TradingView

According to our Shiba Inu price analysis on the 4-hour chart below, the RSI indicator is still above the 50-level. This means that the buying pressure is still in charge of the price movement. The price gradient seems to be neutral, i.e., the bulls and the bears are evenly matched.

Although the MACD indicator showed a bearish crossover in the 4-hour chart, i.e., the coin’s price movement might turn bearish in the short term. With this, the histogram has also turned red.

Shiba Inu price analysis: SHIB unable to break resistance at $0.00002601, what's next? 1
Shiba Inu price analysis on the 4-hour chart by TradingView

Shiba Inu price analysis: Conclusion

Our Shiba Inu price analysis can be concluded on a bearish note for today, but the coin has performed extraordinarily well in recent days. We can expect the price action to cool down for the time being, as altcoins are about to explode one by one.

This presents great buying opportunities and if you are looking for a more detailed price prediction, have a look here.

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Shiba Inu (SHIB) Cryptocurrency Ignores Elon Musk and Sets New Price Record

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The cryptocurrency meme Shiba Inu (SHIB), considered the main rival of Dogecoin (DOGE), almost hit 20% in appreciation this Tuesday afternoon (26) and was traded at US$ 0.000049 in the majority exchanges, considering Coinmarketcap data from the last 24 hours. At the time of writing, the SHIB is worth US$ 0.000047.Chart of the last 24 hours of SHIB. Source: Coinmarketcap

With this performance, altcoin already surpasses approximately 10% the historical price reached last Sunday, which was US$ 0.000044. Remember that after the peak, the SHIB dropped more than 20% — to $0.000034 — after Elon Musk responded to a Twitter user who owned “no” Shiba Inu currency.

Shiba Inu and Elon Musk

The fact is that billionaires are much sought after on social networks to make guesses about one or another cryptocurrency. Usually when he taps the name of someone — whether bitcoin or altcoin — he instantly influences his market, as he’s an avowed fan of crypto technology and has 61 million Twitter followers. Musk’s favoritism, however, is reserved for Bitcoin, Ethereum and Dogecoin.

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Despite the ups and downs, the Shiba Inu is already worth six times more than 30 days ago, that is, on September 26, the SHIB was trading at US$ 0.0000071. This week, the accumulation of high is already around 70%.

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SHIB Funding Rates Hit Negative on Numerous Exchanges, Here’s What It Means

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SHIB funding rate hits negative, but it is the same as looking at the token’s chart

While Shiba Inu meme-token is continuously shaking up the cryptocurrency industry, funding rates on numerous exchanges, including Binance, hit negative levels. While it may sound like a bad thing, it is actually just a reflection of the current sentiment on the market.

What does a negative funding rate mean?

Funding rates are payments that both bears and bulls make to stabilize the perpetual futures contract price and bring it closer to the underlying asset’s value or simply the spot price. The funding rate is a necessary tool for the proper functionality of perpetual contracts.

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Funding rates
Source: Coinalyze

Cryptocurrency traders and investors are able to use funding rates to determine current market sentiment. Usually, positive funding implies that most traders are bullish, and funding is mostly aimed at short traders. Negative funding means that bears are funding long traders in order to open more positions.

With SHIB reaching a new ATH and facing almost 100% growth in the last three days, the majority of traders consider the asset overleveraged and overbought and, hence, begin to close their long position.

Price action on SHIB

Since funding rates hit negative values, we can already see the fallout of such an effect. Currently, SHIB has retraced by 10% in the last four hours. The additional selling pressure might come from the overall negative sentiment on the market, with Bitcoin retracing from the previous ATH and dropping below $60,000.

The retrace zone for SHIB has most likely been tied to the psychological $0.00006 resistance, which has not yet been breached by the meme-based coin. The retrace on SHIB has not yet accelerated, which indicates that traders are willing to hold the asset rather than panic-selling it.

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Shiba Inu hits new ATH, over 320k petition Robinhood to list SHIB soon

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  • Shiba Inu reaches a new all-time high of $0.00005806.
  • An anonymous whale bought 277 million SHIB tokens. 
  • A petition on change.org asking Robinhood to list SHIB has gained over 300,000 signatures. 

Shiba Inu, the rocketing meme coin, has hit a new all-time high today. The 11th biggest crypto in the industry reached $0.00005806 today, less than a day after its previous ATH. 

This overnight jump in SHIB price came after an anonymous whale had purchased 277 billion SHIB tokens on Monday evening, valued at $11 million. SHIB is currently trading at $0.00005261

Shiba Inu went up by 650% in October, also recording the most extensive circulating supply in the industry. Binance reported that SHIB currently holds a total supply of one quadrillion and a circulating supply of 100%. 

Traders are jumping in on the hype. Earlier today, a petition on Change.org received more than 326,000 signatures asking Robinhood, one of the biggest financial services company to list Shiba Inu in its crypto exchange. 

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Shiba Inu

What’s causing this rise of Shiba Inu? 

Earlier this month, Elon Musk started the SHIB hype by tweeting a picture of his Shiba Inu puppy. However, Shiba Inu has been gaining a lot of traction in the market since early July. 

In July, the Doge-inspired meme coin released their DeFi platform, ‘ShibaSwap,’ to trade and exchange the 3 leading coins in the Shiba Inu ecosystem (SHIB, BONE, LEASH). 

There’s also the factor that the first-ever Shiba Inu NFTs launched on ShibaSwap earlier this month were sold out in less than 30 minutes. This also caused a massive spike in the SHIB trading volume. 

Just weeks ago, Robinhood released a survey asking users which crypto they bought in the last 3 months. Shiba Inu was among the 10 listed coins in the survey. This led to the viral speculation that Robinhood will list SHIB in its crypto exchange very soon. 

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Just days ago, Elon Musk said that he expects Shiba Inu to reach $1.20 by the end of October during a Youtube Live interview. While experts have labeled Musk’s expectations “Too Ambitious,” SHIB certainly has the momentum in its favor. 

With the new $11M investment from a crypto whale overnight, SHIB is undoubtedly on a fiery track. As it seems, for now, the sky is the limit for this meme coin. 

Is the Robinhood listing of SHIB imminent? 

The petition circulating all over social media has undoubtedly caught the attention of Robinhood. Traders are relentlessly trying to raise the hype to convince Robinhood to list Shiba Inu, which will cause another huge spark in its price. 

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But how does Robinhood list crypto? The California-based financial company currently has only 7 coins listed on its crypto exchange. 

As past listing trends suggest, Robinhood always adds new crypto listing based on circulating supply and trading volume. It followed the same formula to list Dogecoin when the first-ever meme coin broke the trading volume records in the market just months ago. 

Shiba Inu has already passed the trading volume of Dogecoin and also in terms of circulating supply. However, its market cap dominance is sitting just below Dogecoin. 

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So, if past trends are to be considered, the stars are shining bright on the possibility that Robinhood might list SHIB very soon. 

Although the possibilities are high, we have to remember that nothing is certain in this volatile market. As for now, SHIB seems to be holding tight onto its Bullish trend. 

SHIB is currently trading at $0.00005261.

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