The cryptocurrency market is a bit confused right now. It had a good time in October, as most cryptos rallied higher, with Bitcoin breaking above $65,000, but in the last two weeks, we saw a pullback, with BITCOIN retreating below $60.000. This week has been mixed so far. Some cryptocurrencies have been pushing up, making new all-time highs (ATH), while some have stagnated or retreated. In this article, we will take a look at Shiba Inu, which has shown bullish pressure in the last few weeks.

Shiba Inu Daily Price Prediction – Retreating toward the Major $0.000050 Level

Shiba Inu was very weak during August, while some of the crypto market turned bullish and made decent gains. SHIB/USD was trading sideways, in a tight range, until it broke above the range and exploded higher, as the interest for the digital coin picked up enormously, ignited by a tweet from Elon Musk and a large whale wallet, making a big purchase.

Shiba Inu coin surged in two phases, initially to $0.000035, and then to $0.000089. At the high, with a market cap of more than $41 billion, Shiba Inu was worth more than 400 other companies on the S&P500. Now after the retreat, it stands in Place 11 amongst all cryptos, including Dogecoin, so it has made quite a journey.

Shiba Inu Coin Daily Chart Analysis – Heading Toward $0.000050

The 20 SMA is catching up with the price and should provide support at $0.000050

Another reason for the surge in Shiba Inu was the petition to get the coin listed on the popular online trading platform Robinhood. A listing on the exchange will help increase Shiba’s popularity which is likely to push the price sharply upwards.

But for now, the price is retreating lower, heading toward May’s high at $0.000050, where the 20 SMA (gray) also stands on the daily chart. That would be a good place to get in on this bullish trend, and start buying Shiba Inu coins. But, we will observe the price action and decide when the price gets down there. If the 20 SMA holds as support and the price forms bullish reversing signals, such as dojis and pins, then we will open a buy signal in this crypto token.

SHIB Live Chart