The cryptocurrency market is showing mixed signals with bitcoin price trading at $51,609.72. Altcoins are showing massive gains as the price of Shiba Inu is up more than 70%. While Ethereum managed to reach $3,500, Cardano’s price is still hovering around $2.3.
For the past two days, SHIB Price has been the talk of the town. The Shiba Inu coin has seen a massive rally since Monday after Tesla CEO Elon Musk tweeted a photo of his pet dog Floki – a Shiba Inu, sitting atop a Tesla car.
Where is the chip price heading?
During the third quarter of the year, SHIB price consolidated below the $0.000009 horizontal resistance area. Since the Meme symbol consolidated for 3 months before the massive breakout, this is a sign that an upward movement could be very important.
On October 4, the Dogekiller broke out amid a huge bullish candle. Overall, within a week, the price of SHIB rose more than 200% to $0.0002274.
At the time of writing, SHIB is trading at $0.00002169 with a gain of 70%. The altcoin is now approaching the $0.00002360 resistance level. Later, the next resistance area will be at $0.000027.
Also Read: SHIB Price Looks to $0.0000200! Can traders expect an extension of the Shiba Inu rise!
Since SHIB/USD is trading above $0.00000200, the coin now needs to break this resistance level for an extended rally. During this stage, we can expect the price to reach $0.0000347 with an increase of more than 50%. Should the buying spree continue, SHIB could reach A$0.00003800
On the other hand, if the price drops below $0.00002030 or $0.0001820, this will indicate selling pressure. In this case, we can expect SHIB price to correct the $0.0000141 level. If the Meme symbol drops to this level, we can expect the consolidation phase for a few days. However, given the bullish market trends, it seems unlikely that the altcoin price will fall below $0.0000100.
Overall, for now, since the dog-themed token hasn’t retarded at all since the hack, we can expect a short-term rejection and refund.
Read also: What awaits Bitcoin, Ethereum price as the crypto market turns bullish!