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SHIB Price Prediction: Why Is Shiba Inu Coin Up 240% In 7 Days?

  • The current SHIB price bull run as seen the crypto rise approximately 241% over the last one week.
  • Shiba Inu Coin rallied to brush shoulders with $0.000035.
  • Tesla CEO Elon Musk influences the SHIB rally.

SHIB price is hovering around $0.00002622 on most crypto trading platforms. The Shiba Inu Coin Price is up approximately 2% over the last 24 hours with a daily trading volume of $8,151,307,588 which has itself increased by 2.5% over the same period.

The SHIB price has surged more than 241% over the last seven days. This rally that began on October 04  has seen the bulls push the big crypto from a low of $0.00000782 on October 04 to brush shoulders with $0.000035 on October 07, representing a rise of over $351%.

Can The SHIB Price Rally Be Sustained?

Shiba Inu price prediction remains bullish as the self-proclaimed ‘Doge-Killer’ trades above the ‘Uptober’ rising trendline.

A daily closure above the immediate resistance around $0.00002710 could bolster the bulls to push SHIB price above the $0.000030 psychological level. After which the October 07 high above $0.000035 would be the next logical move.

Several technical indicators as seem on the daily chart could increase investor appetite to buy the cryptocurrency. To begin with, the positive SAR and the upsloping moving averages indicate that SHIB Inu’s market momentum is positive.

In addition, SHIB is sitting on strong support provided by the October rising trend line, the 50-day Simple Moving Average (SMA) and the 100-day SMA at $0.00002460, $0.00000912 and $0.00000820 respectively.

Lastly, the position of the Moving Average Convergence Divergence Indicator (MACD) above the zero line is an indication that the SHIP price’s market momentum is bullish.

SHIB/USD Daily Chart

Shiba Inu Price Daily
Shiba Inu Price Daily Chart. Source: Tradingview

However, if things go awry for SHIB price and drops below the immediate resistance around $0.000026, the ‘Doge-Killer’ may drop below the rising trendline to tag the $0.00002269 support wall. A fall below this point could see SHIB drop further to tag the $0.000020 psychological level.

Elon Musk’s Influence on the Shina Inu Price

You might be wondering, why the sudden rise on the SHIB price?

Well, Elon Musk is at it again!

The Tesla CEO tweeted a picture of his new Shiba Inu puppy with the caption “Floki Frunkpuppy.”

Elon musk tweet

The Floki Frunkpuppy dog is the namesake of the cryptocurrency token, Shiba Inu coin. The hashtag #SHIB began to trend on social media in response.

Musk has been in the habit of Tweeting cryptic messages which have been having a domino effect on the cryptocurrency market. For example, when he tweeted that Tesla would no longer accept Bitcoin as payment for products due to environmental concerns, this started the May 2021 bearish leg. crypto market crashed.

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