SHIB Price

Shiba Inu Soars Knocking Dogecoin Down a Notch — 20 Holders Own 75% of the SHIB Supply

October 28, 2021 Bitcoin.com

Shiba Inu risks drop with SHIB’s 574% October’s price rally near exhaustion

October 26, 2021 Coin Telegraph

Altcoin

Shiba Inu's massive gains all across October may pare on potential bearish divergence signals and an overvalued relative strength index.

Shiba Inu (SHIB) may see a pullback by almost 25%-35% on fears that the cryptocurrency's excessive price rally in October has left it overvalued, a key indicator shows.

Dubbed Relative Strength Index (RSI), the indicator measures the magnitude of an instrument's recent price changes to evaluate its oversold and overbought conditions. The result can be anywhere between the number 0 and 100, with a reading below 30 showing the instrument's oversold and above 70 showing its overbought status.

SHIB crossed above 70 on Oct. 3 and peaked around 94 three days later. Ideally, its overbought reading could have resulted in price correction. But SHIB continued its rally as the monthly session progressed, eventually rising over 574% to its five-month high at $0.00004860 on Tuesday.

Bearish divergence

On the other hand, Shiba Inu's RSI slipped lower, thus creating a broad divergence between SHIB's price and momentum. That reflected an underlying weakness in the cryptocurrency's ongoing uptrend, raising possibilities of a pullback in the coming days.

*SHIB/USDT daily price chart featuring divergence between the rising price and falling RSI. Source: TradingView*

Additionally, the last three price candles on the Shiba Inu daily chart formed a sequence of higher highs at their close. But that coincided with declining trading volumes three days in a row, thus further validating the SHIB uptrend's underlying weakness.

That does not mean an immediate price correction. According to the breakout that followed the formation of a Bull Pennant indicator, SHIB bulls appeared to have been eyeing $0.00005222 as their next upside target.

25%-35% SHIB price pullback?

A Fibonacci Retracement graph between the Shiba Inu's swing high of $0.00003466 and the swing low of $0.00000621 presented a string of levels that earlier served as support and resistance.

For instance, the 1.618 Fib line of the graph coincided almost with the Shiba Inu's Bull Pennant target, just a two-notch upward at $0.00005224.

Thus, the resistance confluence of the 1.618 Fib line and Bull Pennant target raised SHIB's potential to test the $0.00005222-$0.00005224 price range before undergoing a strong price correction.

*SHIB/USDT daily price chart featuring Fibonacci retracement levels. Source: TradingView*

In doing so, the cryptocurrency's next downside target is near the 1.0 Fib line of $0.00003466, almost 25%-35% below the current price and $0.00005224.

On the other hand, a break above the 1.0 Fib line risked invalidating the entire bearish setup temporarily. That said, a bullish move may still make SHIB excessively overvalued based on its RSI readings, raising the potential of a correction in future sessions.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

Shiba Inu eyes ‘much wow’ 90% breakout as SHIB price paints a textbook bull pattern

October 18, 2021 Coin Telegraph

Bull Pennant

The price of the Dogecoin-inspired meme cryptocurrency has been consolidating inside a structure that appears like a Bull Pennant.

The Shiba Inu (SHIB) market is in a very strong bull market in 2021, and one major continuation pattern on its longer timeframe charts highlights the scope for an additional 90% upside move ahead.

In detail, SHIB rose over 1,250% year-to-date (YTD) to establish the yearly high at $0.00003528 (data from Binance) on Oct. 8. Later, the cryptocurrency cracked under the profit-taking sentiment, leading to a 41.50% price correction to $0.00002060.

But bulls started accumulating SHIB near the said low level. A rebound ensued and the price rallied over 55% to $0.00003200, where it met another round of selloffs. Overall, the SHIB price kept forming lower highs and higher lows in the next sessions, forming a Triangle structure that appeared like a Bull Pennant.

Analysts treat Pennants as bullish continuation patterns, i.e., their formation, coupled with declining trade volumes, tends to send prices in the direction of their previous trend — by as much as the height of the previous price rally, also known as Flagpole.

So it appears, SHIB has been forming the same structure.

*SHIB/USDT 12-hour price chart featuring Bull Pennant setup. Source: TradingView*

The SHIB Flagpole's height comes to be around $0.00002450. Therefore, considering the cryptocurrency would pursue a breakout to the upside from the Bull Pennant's apex (the level at which its upper and lower trendlines converge), its next target would be at around $0.00005200, roughly 90% higher.

Yet, Pennants are notorious for being the worst reliable technical indicators, at least according to a study conducted by Samurai Trading Academy's Cody Hind in 2020, based on his assessment of 10 years of market data and over 200,000 trading structures.

He found that Bull Pennants successfully reached their price targets in 54.87% of cases.

Macro fundamentals

The SHIB price almost doubled in October, in part due to Tesla CEO Elon Musk's cryptic endorsement of the Shiba Inu project and amid reports of whale buying activity and the rise of its decentralized exchange ShibaSwap.

Specifically, Musk posted the picture of his Shiba Inu puppy on Oct. 4. The billionaire entrepreneur's tweet coincided with the SHIB price rallying by more than 330% in the next four days, reminiscent of how he influenced the prices of Dogecoin (DOGE) earlier this year.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021

The jump also took cues from reports of whale buying activity in the Shiba Inu market. For the uninitiated, Yahoo Finance highlighted in its Oct. 5 report that an unknown entity purchased 6.2 trillion SHIB for circa $44 million in late September.

Meanwhile, Shiba Inu's namesake, decentralized exchange ShibaSwap, detected a surge in the amount held by its liquidity pools. As of Oct. 18, the total value locked inside the ShibaSwap contracts was $411.42 million versus $253.41 million at the beginning of this month, as per data provided by DeFi Llama.

*ShibaSwap TVL as of Oct 18, 2021. Source: Defi Llama*

At its prime, in July 2021, ShibaSwap was managing $1.76 billion worth of funds via its liquidity pool.

Ishan Arora, a hedge fund manager associated with Tykhe Block Ventures, told Yahoo Finance that Shiba Inu emerged as a product of an ongoing craze for meme cryptocurrencies, adding that most people buy these tokens as the result o some influencers' advice.

Arora warned investors about the risks of putting money into such one-hit wonders, but mentioned Dogecoin for its ability to return incredible profits earlier this year.

"Early Doge investors last year did quite well, so it is not as black and white as most want it to be.”

Meanwhile, crypto data tracking service Santiment detected an increase in Shiba Inu whale transactions over $100,000 in the past 24 hours, noting that their occurrence is typically bullish for SHIB.

*Shiba Inu whale transactions exceeding $100K. Source: Santiment*

"When these transactions come in bunches, price rises generally follow," the platform wrote in a tweet published Monday.

Shiba Inu rebounds 40% despite major selling by SHIB whales

October 11, 2021 Coin Telegraph

Altcoin Analysis

The sharp upside retracement surfaces as retail frenzy around Shiba Inu hints at testing May peak levels.

Shiba Inu (SHIB) kickstarted its new weekly session in the green as it continued its bullish retracement move from last week’s low of $0.00002058.

SHIB’s price logged an intraday high of $0.00002907 on Oct. 11, netting over 40% returns from its ongoing rebound trend. In doing so, the Dogecoin-inspired meme cryptocurrency eyed an extended runup toward its technical resistance level near $0.00002978, as shown in the chart below.

*SHIB/USDT 4H price chart. Source: TradingView*

Extended rally ahead?

The Shiba Inu chart also showed traders’ intention to accumulate SHIB tokens when its price tests the 20-4H exponential moving average (20-4H EMA; the green wave) as support.

For instance, the cryptocurrency crashed by over 40% on Thursday as Shiba Inu’s addresses worth 1 million–10 million SHIB dumped over 31 billion tokens, the largest in six months, as per Santiment data. However, the price recovered as traders started accumulating SHIB tokens near the 20-4H EMA.

Additionally, Shiba Inu’s ongoing retracement took cues from a potential correlation between the 1million–10 million SHIB address dump and its price. Santiment noted that Shiba Inu’s price rebounds every time after SHIB millionaires dump their holdings, as shown in the chart below.

*Shiba Inu supply distribution. Source: Santiment*

That shows micro traders’ intention to absorb massive selloffs.

Retail sentiment moons

The bullish retracement in the SHIB market coincided with a rising number of internet queries for the keyword “Shiba Inu,” as per Google Trends.

Web data shows a rise in the Shiba Inu trend in the United States on a 12-month interest timeframe, signaling booming retail interest. At 92, the trend is closer to the peak popularity score of 100, last seen in the second week of May. It indicates that more internet users are looking for information on Shiba Inu.

*Google searches for "Shiba Inu." Source: Google Trends*

Nevertheless, the internet queries for the keyword “how to buy Shiba Inu” came out to be only 18 in the same period. Nonetheless, compared to the previous week, the interest shot up by 260%.

Tale of two indicators

On a technical front, SHIB’s latest rebound move appears to have invalidated a bearish setup that Cointelegraph discussed in one of its previous coverages.

Specifically, SHIB’s price broke bullish out of an otherwise bearish descending triangle pattern as it closed above the structure’s upper trendline with a rise in trading volume. While the breakout still awaits confirmation, it has boosted the prospects of bullish continuation.

The reason for an extended upside is a makeshift bull pennant, which typically sends the price higher by as much as the height of the previous upside move. In other words, SHIB’s breakout above its bull pennant pattern could send its price to $0.00004713.

*SHIB/USDT 4-hour price chart featuring bull pennant setup. Source: TradingView*

Meanwhile, should the price slip back inside the pennant range, it would risk reactivating the descending triangle setup. In doing so, SHIB may eye a correction toward $0.00002195, followed by a negative breakout move toward $0.00001000.

Shiba Inu is now a top-20 cryptocurrency with SHIB price soaring 300% in 9 days

October 9, 2021 Coin Telegraph

Altcoin Analysis

The Dogecoin spinoff sprinted past popular blockchain protocols like Stellar and Polygon to become an $11 billion crypto project.

The run-up in the price of Shiba Inu (SHIB) so far in October pushed the SHIB token to become the 20th largest digital asset by market capitalization.

Shiba Inu's circulating market valuation jumped to $11.08 billion earlier this week and is currently above $10 billion, putting it in the top-20 by market cap for the first time. As a result, the Dogecoin-inspired meme cryptocurrency became more valuable than popular blockchain projects like Stellar (XLM), Polygon (MATIC), and Tron (TRX).

*SHIB market cap versus price. Source: Messari*

The growth in Shiba Inu's valuation came on the heels of a tweet published by Elon Musk. On Oct 4, the Tesla CEO posted the picture of his pet dog—a Shiba Inu breed—with the caption "Floki Frunkpuppy." SHIB jumped by more than 40% an hour after the tweet.

Floki Frunkpuppy pic.twitter.com/xAr8T0Jfdf
— Elon Musk (@elonmusk) October 4, 2021

Crypto speculators tend to read too much into Musk's tweets. For example, the billionaire entrepreneur was instrumental in pushing Dogecoin (DOGE) price higher earlier in 2021 via Twitter.

SHIB price surged by almost 400% a week after opening the fourth quarter of 2021 at $0.00000725. In doing so, the token retested its five-month high of $0.00003528 on Oct 7.

Nevertheless, SHIB underwent a 40%-plus price correction on the same date as some traders decided to unwind their spot positions for interim profits. As a result, Shiba Inu's market cap fell in tandem, going to as low as $8.06 billion on Friday.

*SHIB/USDT daily price chart. Source: TradingView.com*

The sell-off across Shiba Inu markets (against the dollar and Bitcoin) prompted buy-the-dip sentiment. A rebound rally ensued, which pushed the SHIB price up by more than 45%. At its highest on Saturday, the token was changing hands for $0.00003020, with its market cap around $10.73 billion.

What is next for SHIB?

Shiba Inu price dropped on Oct. 9 by more than 5% to reach a fresh intraday low of $0.00002575. In doing so, the cryptocurrency hinted at forming a potential descending triangle pattern, suggesting additional losses ahead.

In detail, Descending Triangles are typically bearish patterns that form when the price trends lower while fluctuating between an area defined by two converging trendlines: one falling and the other, horizontal, such as the ones SHIB has formed in the chart below.

*SHIB/USDT four-hour price chart featuring descending triangle setup. Source: TradingView.com*

The formation of lower highs atop a standstill support line indicates weakening buying sentiment among traders. As a result, the price ultimately tends to break below the horizontal trendline. In doing so, its target shifts to a level at a length equal to the maximum Triangle height.

In other words, SHIB price may go under $0.00001000 in the coming sessions if the abovementioned support level fails to hold.

‘Much ow’ ahead? Dogecoin chart fractal puts Shiba Inu’s 390% QTD rally in danger

October 8, 2021 Coin Telegraph

$<div>'Much ow' ahead? Dogecoin chart fractal puts Shiba Inu's 390% QTD rally in danger</div>$

Altcoin Analysis

SHIB is notably mirroring its mentor Dogecoin's price moves from the Feb-April 2021 session, raising possibilities of dump ahead.

Shiba Inu (SHIB) has emerged as one of the best investments heading into the fourth and final quarter of 2021, with its price rising by over 390% in the first week of October. Nonetheless, the spin-off meme cryptocurrency now risks wiping most of those gains in the coming sessions.

Yuriy Bishko, a Ukraine-based market analyst, discussed the potential bearish scenario based on Shiba Inu's recent price trends that appear eerily similar to those recorded in the Dogecoin (DOGE) market earlier this year.

For instance, SHIB's October price rally followed five months of consolidation inside a $0.00000398-wide price range. Similarly, DOGE's sideways trend in Feb-April 2021, wherein its bids bounced between $0.0471 and $0.0630, served as a basis for a 500%-plus price rally in late April.

*DOGE/USDT versus SHIB/USDT daily price chart. Source: Yuriy Bishko, TradingView.com*

Bishko said that traders who bought Shiba Inu tokens during its sideways consolidation phase should sell at least 20-30% of their positions if they are still holding after the rally. Meanwhile, if SHIB's net breakout stretch exceeds 500%, then traders should dump another 70-80% of their net holdings.

That is mainly because Dogecoin's supersonic price rally in late April resulted in a circa 60% correction. Bishko added:

"If SHIB repeats the same pattern, [traders] can buy more coins at a 60% discount."

SHIB resumes uptrend

The profit-taking strategy appeared as Shiba Inu resumed its uptrend Friday after falling 41% in a price correction in the previous session.

SHIB rallied almost 27.5% to hit an intraday high of $0.00002919, much in line with similar upside moves across all the top crypto assets, including Bitcoin (BTC) and Ether (ETH). Small-cap tokens typically tail trends in the top-cap markets; for instance, SHIB's 390% quarter-to-date (QTD) price rally coincided with Bitcoin's 30% upside move in the same period.

At the same time, Shiba Inu's daily relative strength index (RSI) identified the cryptocurrency's current price valuations as overbought. Analysts consider an RSI reading above 70 as excessively valued for an asset, typically following up with either a price correction or sideways consolidation.

Bleeding Crypto, a Twitter-based independent market analyst, anticipated SHIB to retest its sessional high of $0.00003528. The pseudonymous analyst cited a Fibonacci retracement graph behind its bullish continuation setup, noting that SHIB's ability to rebound strongly after falling almost 50% meant that "it's going back to business."

$SHIB Looks like the 50% FIB is enough for $SHIB and its going back to business. Pretty impressed. I missed this whole train but I still like to admire the TA. Good Luck guys! pic.twitter.com/Ql9NI3rL0t
— Bleeding Crypto (@Bleeding_Crypto) October 8, 2021

Shiba Inu's fundamentals seem to agree.

As Cointelegraph covered earlier, the team behind the cryptocurrency has been attempting to become a contender in the DeFi space. In detail, it launched ShibaSwap, a decentralized cryptocurrency exchange platform, in early July 2021, which now has over $360 million locked inside its liquidity pool.

Moreover, the Shiba Inu speculators have also been showing interest in the next week's launch of 10,000 nonfungible tokens (NFTs), dubbed "Shiboshi."

Bearish divergence

25%-35% SHIB price pullback?

Macro fundamentals

Extended rally ahead?

Retail sentiment moons

Tale of two indicators

What is next for SHIB?

SHIB resumes uptrend

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