While the entire crypto market dreads in a red and bloody market, Shiba Inu has pulled off to reach a new all time high yet again. SHIB rockets 39.4% makes it to the top 10 coins beating the OG canine coin Doge.
After surviving a recent flash crash and reaching new all-time highs, Shiba Inu has appeared to be in good shape. At the time of writing, the token is up by a whopping 38.7% in the last 24 hours as it trades at $0.00006640.
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The token has bagged the 9th position on the market cap chart after flipping its peer Dogecoin. With a market cap of $33,292,538,858 it has jumped 2 spots up on the chart.
The creation of a symmetrical triangle on the 12-hour chart predicted some of SHIB’s bullish price activity. On Oct. 23, slicing through the pattern’s top trendline at $0.0000286 signalled that prices were on their way to a 42% increase. The height of the triangle’s y-axis was measured and added to the breakout point to arrive at such a bullish target.
It was able to reach the symmetrical triangle’s target within hours after the breakout on Oct. 23, but many investors appear to have refused to take profits. Shiba Inu has surged to a new all-time high of $0.0000647 because to increased purchasing demand.
What Next for SHIB Price?
Because there are no apparent resistance obstacles ahead, Shiba Inu is expected to continue going north if buy orders continue to pile up. Around $0.0000737, there’s a chance the ascent will be slowed. Around this price point, the risk line of the Tom DeMark (TD) Sequential and the 361.8 percent Fibonacci retracement level are located.
Even though it has entered price discovery mode, Shiba Inu’s exponential spike shows it is trading in overbought zone. As a result, traders should be on the lookout for a rise in profit-taking that might lead to a sharp correction. Underneath SHIB, one of the most important support levels is $0.0000444, which may be able to keep dropping prices at bay.
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