Shiba Inu was momentarily the 7th most valuable crypto asset, after SHIB coin price rallied by more than 75% in 24 hours to hit a new ATH of $0.00008850. With that mind-boggling ascent, Shiba Inu surpassed USD coin, Polkadot, XRP and Dogecoin in market valuation, with Solana within a touching distance. However, the fairytale was short lived, as it soon slipped down almost as fast. SHIB was the 10th most valuable coin at the time of writing.
Regardless of its short-lived glory, Shiba Inu has shown the market what it is capable of achieving. Importantly, based on the way it zoomed past Dogecoin, investors won’t doubt its credibility as the ultimate meme coin.
Why SHIB seems unstoppable
Shiba Inu has taken the crypto world by storm and has built so much momentum since its breakout in early October. Not even Elon Musk’s recent statement disassociating with it has stopped investors from trooping in. In the last week, new all-time highs have become the new normal for SHIB, with pressure mounting on Robinhood to list it.
It is highly probable that SHIB will keep soaring in the near term, driven by the positive sentiment around it. A listing by Robinhood could provide even stronger propulsion to the upside.
SHIB coin price has had a stellar performance in the past week. However, the formation of long upper wicks in the last two candlesticks tells us that the market is rejecting further price gains. The RSI has declined from 86 to 78 within the last 24 hours, indicating that the buying momentum could be cooling down.
If the momentum weakens further, SHIB price is likely to slide down to find the first support at $0.00005725 and the second one at $0.00004841 in the near term. Beyond that point, the next support is likely to be established at $0.00004247. Based on recent gains, upward action is likely to encounter resistance at the ATH at $0.00008870.