SHIB Technical Analysis – October 2021
Monthly Analysis
In the last 30 days, SHIB initially increased by around 80%. Then, the price slowly declined by around 30% and was in consolidation after that. Then, SHIB started increasing at extreme rates, where an increase of around 400% occurred. As of now, SHIB is extremely bullish.
Weekly Analysis
In just the last 7 days, SHIB has increased by 390%. The price is still moving upwards and it may soon test the all-time high resistance at $0.00004.
Daily Analysis
In the intraday chart, SHIB has been bullish as well. With such high volatility, traders have been buying SHIB and generating huge profits in a matter of hours.
Key Structures
Support
- $0.00002
Resistance
- $0.00004
Indicators
Moving Average
The 20-day moving average is quite below the price, indicating that the trend is upward and that the price can keep increasing in the coming days.
The 9-day EMA is also below the price, meaning that the momentum is bullish and that the EMA line could act as support for potential price dips.
Relative Strength Index
The RSI is at around 90. Being way above 70 means that SHIB is overbought and that the price could soon dip until the RSI is below 70. The same applies to a 4-hour chart.
MACD
The MACD line is way above the signal line, and there is a huge gap between them. Being above the baseline indicates that the momentum is bullish for SHIB and that the price could keep increasing in the coming days. This applies to both a daily chart and a 4-hour chart.
Fear & Greed
As expected, the fear and greed indicator suggests that the current emotion for SHIB traders is greed. While this indicates bullish tendencies, excessive greed often leads to a trend reversal.
Fibonacci
The Fibonacci retracement level in the recent upward price movement suggests that if SHIB soon faces resistance, which is most likely to occur due to SHIB being overbought, the price could retrace to one of the levels before continuing to go higher again.
Price Prediction SHIB – October 2021
Based on this technical analysis on Shiba Inu (SHIB), we could see SHIB break its all-time high in the coming days. While indicators suggest that a pullback is imminent and that the price could dip, SHIB might continue its run in the following days. SHIB could go slightly above the all-time high and then have a reversal.
Latest News for SHIB – Affecting Price
The recent price surge of SHIB could be attributed to Shiba Inu being listed in Coinbase, known as the Coinbase effect. Nonetheless, SHIB has increased much more than expected. Perhaps the price could keep increasing even more due to the fear of missing out, where others might start buying SHIB to join the wave.
Also read: SHIBA INU Price Prediction 2021 and Beyond – Is SHIB a Good Investment?