SHIB price was 1.49% lower in early hours of trading on Tuesday, as it traded at $0.00006841. After experiencing a stratospheric price spike two weeks ago, the meme coin seems to be consolidating. Nonetheless, SHIB is still the most profitable coin over the past week in the crypto market’s top 10 ranking, having risen by about 67% over the past week.
Investors likely to “hodl” to await another price rally
SHIB coin investors will certainly be happy to cash in some of the profits made so far, and this could slow down the price rally. However, since its big break in early October, SHIB has shown us that it doesn’t stay long in the range. Therefore, its investors are likely to approach the consolidation with a “buy the dip” mentality as opposed to dumping the asset.
In addition, there are two events that could potentially propel Shiba Inu price further up. First, there’s the much-publicised petition to list it on Robinhood. Secondly, Kraken has also announced that it will be listing the token starting today. Listing of SHIB on the two platforms would translate to increased exposure to the market, with new buyers coming in. This is likely to incentivize investors to hold on to the asset in anticipation for another price rally.
Technical analysis for SHIB price
After experiencing a sharp price spike over the last 14 days, SHIB price seems to be consolidating. The asset has formed a symmetrical triangle on its price pattern over the past 5 days. Therefore, it is likely to trade sideways in the next few days, with marginal swings to the upper and lower sides. The market momentum is still strong, with the RSI at 70. However, this is well within the overbought territory and sets the stage for potential weakening of the momentum.
If the bulls sustain the buying momentum, the price is likely to rise to the first resistance at $0.00007515.Beyond that point, the next resistance is likely to be at $0.00007920. A breach of this resistance could set the price to retest $0.00008767.
On the lower side, a weakened momentum is likely to pull the price to the first support $0.00006547, and the second one at $0.00005725.