Shiba Inu (SHIB) has had quite an interesting price action in the last 24-hours. The market has dipped, and most altcoins are yet to make any tangible recovery.
Naturally, you would expect a meme coin like Shiba Inu to correct by a much bigger margin than the broader market. However, this is not the case for SHIB.
In the last 24-hours, it has dipped, recovered most of the losses, then entered a consolidation phase. That’s an indicator that the underlying demand for SHIB is high despite the high volatility in the broader market.
Looking at it from a technical analysis perspective, SHIB’s price action has the hallmarks of a potential breakout. That’s because while it is trading in a range between $0.000050 resistance, and 0.00004873 support, selling volumes are in decline.
Key technical indicators such as the RSI also point to a potential breakout. That’s because, despite the correction experienced in the last 24-hours, SHIB has an RSI reading of 48, which is neutral.
While it can always dip further from its current price, it has very strong support at $0.000045462. That’s still a comfortable price range for a crypto that is up by 96% in the last 30-days.
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What Are The Odds Of SHIB Retesting Its All-time Highs?
From a technical analysis perspective, there is a high chance that SHIB could retest its new all-time highs pretty soon.
If volumes rise, and SHIB pushes through its 24-hour resistance of 0.000050, then it could retest its recent highs of $0.00005294.
Considering that SHIB has recovered most of the losses after the market-wide dip in the last 24-hours, the possibility is high. For instance, if Bitcoin can hold above the $60k support, and bounce off it, then SHIB could easily break the $0.00005 resistance in the coming days.
Cryptocurrency market experts have similar expectations for SHIB too. According to market analyst Scott Melker, SHIB is overall bullish. He reasons that it has been overall bullish ever since it broke through a key diagonal resistance level that had been holding it back for a while.
The analyst also takes note of rising volumes, an indicator that investors are taking an interest in SHIB. On the basis of these factors, he expects SHIB to test a high of $0.000089.
If its resilience in this morning’s dip after U.S inflation data is anything to go by, then chances of making new all-time highs are pretty high.
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