After spending three days on the red, Shiba Inu price is fighting back in early Tuesday morning trading. At the time of writing, SHIB was up by a significant 2.9%, trading at $0.00005686. SHIB has been on the downtrend since October 28th, after a scintillating run that saw it register successive all-time highs in a week. That move also saw it displace Dogecoin as the ninth most valuable crypto. However, its stay in the top-ten was short lived in this particular occasion. It has since slipped to position eleven.
SHIB coin has lost about 20% of its value over the last week. However, after a profit-taking stint, investors are likely to launch a fightback in an effort to profit from a potential price rally. Shiba Inu has proven its case as a credible investment asset, despite the previous doubts.
SHIB must detach itself from DOGE to sustain growth
By flipping Dogecoin recently, it has also proven that it can be the ultimate meme coin. Going forward, SHIB will need to detach itself from being seen as a Dogecoin rival and establish its position as an independent asset. That will be important in its long-term growth. Its rivalry with DOGE may have propelled it to its highs, but it can no longer have its canine rival as the pacesetter.
Technical analysis for Shiba Inu price
Shiba Inu price action seems to be consolidating, with the RSI indicator heading sideways. The RSI I currently at 55, and this signals a relatively strong momentum. Based on the current momentum, upward action is likely to be marginal and below the $0.00007 mark.
If the buyers push up the momentum, the upward action is likely to encounter the first resistance at $0.00006276. Beyond that mark, the next resistance is likely to be at $0.00006578. If the bears regain control, they could pull the price down to find the first support at $0.00004929 and the second one at $0.00004377.
