Shiba Inu, the self-proclaimed Dogecoin-killer, has recently shaken the market with its bullish momentum. Within one week, the meme currency had a 350%  increase, placing it among the top 14 cryptocurrencies in terms of market valuation. SHIB is now the most traded currency on major exchanges such as Coinbase, Binance, and Huobi.

A day before, SHIB/USD closed at $0.00003065 after placing a high of $0.00003198 and a low of $0.00002589. On Monday, Shiba Inu reversed its course and moved higher on the board amid its ecosystem’s positive developments.

The rising prices of Shiba Inu tokens in October have so far pushed the crypto to become the 14th largest digital asset by market capitalization. The market valuation of Shiba Inu jumped to $11.08 billion earlier this week, making it a top-20 cryptocurrency by market cap for the first time.

The Dogecoin-inspired meme cryptocurrency has become more valuable than popular blockchains like Stellar, Polygon, and Tron. It was reported that a tweet from Elon Musk on October 4th triggered the bullish rally in the Shiba Inu coin . The Tesla CEO posted a picture of his pet dog, a Shiba Inu breed, with the caption “Floki Frunkpuppy”. Right after this tweet, SHIB/USD jumped by more than 40% in just one hour.

With the start of the fourth quarter of 2021, the price of the SHIB token surged about 400% within the first week. However, the price experienced some correction as investors started taking profits. After that, on Monday, SHIB/USD regained its strength and continued its bullish momentum as the token reached the top-20 level concerning market cap.

The meme-based cryptocurrency also faced much criticism as “The Big Short” investor Michael Burry called the Shiba Inu cryptocurrency coin “pointless” as too many coins are currently in circulation. However, the coin continued moving upward despite the criticism and moved up towards $0.00003198.

Shiba Inu Price Analysis – Daily Technical Levels

Support Resistance

0.00002704 0.00003313

0.00002342 0.00003560

0.00002095 0.00003922

Pivot Point: 0.00002951

Shiba Inu Price Analysis – Symmetrical Triangle Breakout

• On the technical front, SHIB/USD has violated the symmetrical triangle pattern at 0.000029 level, and now it’s heading further higher towards the next resistance level of 0.000032 level. 
• On the higher side, the breakout of the 0.000032 resistance level could lead Shiba Inu towards the 0.000035 mark. At the same time, support continues to hold at around 0.000029 levels.  
• The 50-day simple moving average is holding at a 0.000023 level, supporting the bullish trend in Shiba Inu.
• The MACD and RSI also support a bullish trend; thus, the breakout of a symmetrical triangle pattern extends a bullish bias for the coin. 
• Let’s consider staying bullish above the 0.000029 level until 0.000032 and 0.000035 levels today. Good luck!