Shiba Inu has not yet lost its charm, as this hyperactive meme coin is once again in action. The recent jump of 19% value despite the profit booking, in the end, has allowed Shiba Inu to jump one spot in its market capitalization, ranking to 14th position.
The latest market cap value of Shiba Inu is $6,002,002,929, which is not the high we witnessed during the 2021 peaks, but it is moving somewhere after a decent break in strong movements. The sudden buying rallies followed by steep profit booking have become a common price trend of SHIB coins but considering the probable gains to be made in this cryptocurrency, let’s analyze its price action.
Shiba Inu has showcased a newfound resolve to break the stereotype of being a hype coin going dead. Shiba Inu has made a tremendous return with close to a 20% market gain made this week. Moving forward, the price of $0.00001090 brings Shiba Inu back to the 100 EMA curve, which could make things interesting from this point, despite some profit booking at 100 EMA. Wondering what would happen next? Read our SHIB price prediction to get a closer picture of the future price action of the coin.
From the uptrend seen in August to consolidative movement in September and now again a new attempt to move upwards, Shiba Inu has shown strong resolve in upside movement, with previous resistances having a strong say in its price volatility going ahead.
The RSI indicator has already taken opportunists by storm, and so has the MACD indicator started to move with a bullish crossover. SHIB surpassed previous uptrends in just three days, which sometimes took months to achieve. The volumetric action seen is too great of a number to ignore.
Buyers might soon swarm to take a bite of this profitable-looking trade, but the sudden rally in Shiba Inu must be taken as an opportunity with huge risks. The downside from this point forward is in the vicinity of 15%, with the upside limited to just 23%; the trade-off itself seems positive at a glance.
On weekly charts, the outlook for Shiba Inu can be seen gradually shifting towards a strong upside possibility. The consolidation and negative movement of the last five months have finally been overcome with a single week’s uptrend and active buying rallies of SHIB investors.
Both RSI and MACD indicators showcase a consolidation phase with huge volatility from its peak of $0.00001351 to support of $0.00000945. The next target for Shiba Inu would be $0.00001750, creating a profitable position for buyers. The outlook for SHIB buyers is about to change with a breach of consistent resistance levels.