On Monday, the crypto market generally stays in consolidation after slight profit-taking. Shiba Inu (SHIB) is posting an impressive 40% run to highs of $0.00001196, marking the sixth day in the green. At the time of writing, SHIB was trading at $0.00001188, up 61.30% on a 7-day basis. The dog-themed token is wowing investors with its spectacular and explosive bullish momentum since October started. This is in line as Shiba Inu announced the sale of ”Shiboshis” – 10,000 randomly generated NFTs available on Shiba swap on Sept. 24. Buyers will be able to name their Shiboshis by burning SHIB tokens, further reducing the tokens in circulation. This is anticipated to have impacted SHIB price positively. Early on Monday morning, Tesla CEO Elon Musk posted a cute photo of Floki, his newest Shiba Inu puppy which he tagged ”Floki Frunkpuppy” thus aiding SHIB price’s lift to a near 5- month high of $0.00001196 on October 4.
Key Levels
Resistance Levels: $0.00001850, $0.00001500, $0.00001214
Support Levels: $0.00000800, $0.00000700, $0.00000550
SHIB/USD Daily Chart: Ranging
SHIB/USD Daily Chart
Shiba Inu continues to rally and has gained extra ground in Monday trading.SHIB/USD has profited nearly 63% so far this week, and the pair is in green territory for a sixth straight day. The rally to highs of $0.00001196 on Oct. 4 may indicate that buyers have regained control of the direction after a month-long consolidation. If prices can break conclusively above today’s high of $0.00001191 and the nearby barrier of $0.00001214.
It could signal a new bullish leg toward $0.00001951, $0.00002359, or even the previous all-time highs at $0.00003999 next. On the other hand, a failure to break above the $0.00001191 amid today’s strong price action may return the SHIB price into the consolidation range. The MA 50 ($0.00000751) is expected to contain dips and keep bulls intact.
SHIB/USD 4-Hour Chart: Ranging
SHIB/USD 4-Hour Chart
Shiba Inu set a nice foothold above the positive convergence of the moving averages (MA) and the $0.00000903 barrier, speeding up to highs of $0.00001196 on the 4-hour chart. On the upside, a rally above the $0.00001196 ceiling would raise confidence in the ongoing upward move. Should the bulls snap this bar, the door would open for the 0.00001214 restrictive level. Beyond the latter, the price may head for the key $0.00001951– $0.00002359 resistance range.
However, a limited retracement may occur as the RSI inches into the overbought area. That said, a downside reversal may find support near the $0.00000965,$0.00000825 ahead of the MA 50 and 200 currently at the $0.00000757 and $0.00000727 respectively. In brief, SHIB’s short-term bias is tilted to the upside, but its market structure remains neutral. A decisive step above $0.00001196 would print new higher highs in the chart and therefore raise bullish forces.
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