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Without a doubt, Shiba Inu (SHIB) price is now making waves to flip the popular meme coin – Dogecoin (DOGE) that has been staggering since its peak on May 8. Shiba Inu (SHIB) dubbed as Dogecoin killer currently has the biggest circulating supply, having gained prominence among users, and has become one of the most traded cryptocurrencies on Binance and Coinbase.
Recent news had it that a unique burning mechanism was set up as 900 million Shiba Inu were burned leading to a 16% growth in price. This will likely continue, as trading pairs and pools are given the condition to purchase and burn $SHIB to get listed on their DEX, Shibaswap.
Shiba Inu also plans on introducing Utility to their ecosystem, as the development of the Shibarium Blockchain, shiboshi games, and Shiba Inu stable coin (SHI) is underway.
While development like ShibaNet is already set for use, for smart contracts and automatic royalties.
Lastly, news speculates about Robinhood listing Shiba Inu. This could be an accelerating factor to the ongoing astronomical heights of the Shiba Token($SHIB).
Let’s move on to analyze the price charts of the SHIBUSDT.
Shiba Inu (SHIB) Price Prediction: Weekly Chart Analysis
Last weeks’ hidden inside-bar candlestick pattern [11 October ’21] confirmed an increase in demand for the SHIB token after an earlier breakout of the bearish expanding channel that kept the price in a range for about thirteen weeks.
We expect a bull-trap signal if the current week closes above last week’s high. Such a signal in combination with other reversal chart setups on the lower time frames could signal a sharp price pull-back of the SHIB token price.
Also read: US Senate Candidate Backs SHIBA INU to Reach $0.00003, Here Are the Possibilities
Shiba Inu (SHIB) Price Prediction: Daily Chart Analysis
The hidden bullish divergence pattern on 15 October above alongside the bullish inside bar identified on the weekly time frame was instrumental to the recent surge in the price of the SHIB token beyond the significant 0.000035 resistance.
An increase in bullish momentum could see the SHIBUSDT shoot for the 0.000050 resistance. However, a long-ranged bearish divergence is anticipated if the RSI values fail to breach the 99.7 mark.
Shiba Inu (SHIB) Price Prediction: 4 Hr Chart Analysis
A breakout above the bearish divergence resistance on 23 October 16:00 triggered the decision to scale up on existing bullish positions of the SHIBUSDT.
High RSI readings at level-99 alongside a hidden bullish inside bar candlestick formation at press time hints that the bulls may be exhausted, and early buyers may want to take some profit off the table.
A counter hidden-bullish divergence may send the SHIB price into an upward trajectory towards the 0.00005 round-number resistance if we can see RSI values below level-45.82.
Shiba Inu (SHIB) Intraday Levels
- Spot rate: 0.00003732
- Mid–Term Trend [H4]: Strong Bullish
- Volatility: High
- Support: $0.000030, $0.000035 and $0.0000270
- Resistance: $0.00004465
The post SHIB Price Prediction: SHIBA INU Price Resumes Uptrend Shooting for The 0.00005, Will Robinhood List SHIB? appeared first on Coingape.
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.