Shiba Inu price analysis: SHIB poised for fresh gains despite Elon Musk tweet

The SHIB token terms jumped implicit 46% successful 7 days to scope a caller all-time precocious of $0.000044.

Shiba Inu (SHIB) terms has accrued by much than 46% successful the past 7 days, and 10% implicit the past 24 hours to spot its 30-day show basal astir 484% arsenic of writing. The immense gains person pushed the cryptocurrency's marketplace capitalization to $20 billion, putting SHIB successful the 11th spot among the largest cryptocurrencies by marketplace cap.

Although successful the greenish implicit the assorted clip frames, the token's terms has retraced somewhat since touching its caller all-time precocious of $0.000044 connected 24 October. According to information from CoinGecko, the DOGE-inspired meme coin is trading astir $0.000038.

The slowdown comes arsenic Bitcoin (BTC) battles downside unit adjacent $62,000 aft shedding gains accumulated arsenic the bellwether cryptocurrency raced to an all-time precocious supra $67,000.

For SHIB price, selling unit is mostly linked to profit-taking deals from traders keen connected cashing retired of positions. The declines besides travel a revelation by Tesla CEO Elon Musk that helium does not clasp immoderate SHIB tokens, a script astir SHIB holders person dismissed as inconsequential. According to PAC Coin CEO David Gokhshtein, Shiba Inu has been surging without the SpaceX boss' support.

SHIB terms analysis

Shiba Inu's terms broke supra aggregate absorption levels, including the erstwhile ATH astatine $0.000035, arsenic it rallied to the all-time precocious of $0.000044. Despite the downside pressure, SHIB/USD remains poised supra the large enactment portion marked by the grey rectangle.

SHIB/USD 4-hour chart. Source: TradingView

The agelong shadiness of the existent 4-hour candle indicates assertive buying connected the dip from bulls, portion the rising curves of the 20 EMA and 50 SMA enactment a caller upside.

The 4-hour RSI is besides posting a affirmative divergence, with the existent speechmaking conscionable beneath the overbought territory to springiness buyers an precocious hand.

Above the contiguous absorption portion astatine $0.0004, SHIB/USD tin rally to $0.000045 and past $0.00005. On the downside, enactment lies astir the 20 EMA ($0.000034) and 50 SMA ($0.000029).