After a long lateral period, the price of Shiba Inu exploded higher and marked a new all-time high yesterday.
At the time of this writing, SHIB is trading at $ 0.0000393, accumulating a loss of 4.81% in the last 24 hours, but maintaining a gain of 43.38% in the last 7 days.
The latest momentum from the crypto meme is attributed to the development of an uptrend, which has remained intact for the past few months, and which appears to have been spurred on by Elon Musk’s tweets in mid-September.
We have been waiting for a long time for this to happen. And is that after a big correction, but maintaining a dominant bullish force and a general bull run in the market, a big rise in SHIB was the most likely.
Despite all the meme that it can become, as I said in a Shiba Inu forecast for 2021, as long as there is a community behind and a certain usability of the cryptocurrency, there is no reason to believe that the project is going to die.
Now the momentum is quite developed, and all the objectives have been achieved. In addition, Elon Musk has put a “brake” on the great speculative wave, ensuring that he does not own any SHIB tokens. However, it indicates that you have a bit of DOGE, BTC, and ETH.
Will Shiba’s bull rally be complete ?, let’s find out below.
Shiba Inu technical analysis after reaching a new all-time high
After breaking through a bullish pennant, the price quickly went to a new high. This was predicted from twitter, I invite you to follow me so that you can take advantage of these analyzes in real time.
Now SHIB is being hampered by the resistance left by the previous high. The strong pushback from high prices tells us that a correction, however small, is very likely on the way.
It seems difficult to think about a scenario where the rally is totally sold out. It is still likely that after a brief correction, new highs will be reached. But already at the current point you have to be extremely cautious.
ALERT !: Strong price on purchase
In the weekly chart we see that it is very likely that a major correction is about to occur.
The rejection of resistance from the one left by the previous all-time high, a nonstop momentum for 4 consecutive weeks, and an RSI indicating a large overbought, tells us that Shiba Inu could start to correct soon.
I think it is never a very good idea to try to bet against momentum. But in this case, there are quite a few signs that the rally is sold out.
I am not saying that SHIB cannot make more profit in the future. It is possible that with a minimum correction it will mark a new maximum in the next hours / days.
But if you have to bear in mind that the best part is over, and a significant setback is on the way.
Finally, it is worth adding that already at the current price, SHIB has a market capitalization of $ 15,691 million. This is an incredible number and one that makes it more difficult for large profits to be accumulated. Think that now this crypto meme is bigger than Chainlink, and is close to surpassing Uniswap. It is up to you to reason how sustainable this is.
All our publications are informative in nature, so in no case should they be followed as investment advice.