New Delhi: Shiba Inu is showing a good strong bullish rhythm lately as its price moved out of its long-standing consolidation. SHIB jumped by more than 43% and right now is trading at $0.0000078 which makes its total market cap to more than $3 billion. With this SHIB has got entry into the top 40 biggest coins in the world.
Shiba Inu came in as the Dogecoin killer and gained all the social media attention. At once SHIB was valued at more than $10 billion which gave it the entry among the top 15 biggest digital coins in the world.
The chart depicts that Shiba Inu rose by 34% from its lowest price level since June as other major coins like Bitcoin, Ripple and Ethereum rallied with green indexes.
Another major reason that Shiba Inu rallied with good gains is that its developers concluded the recent burn which is seen as a bullish factor as its supply reduced.
SHIB’s price traded between $0.00000625 and $0.00000654 for around 15 days which led it to a 45% upswing. This rally failed to take it to the next level as SHIB came down to the $0.00000759 and $0.00000727 support levels.
Watching the current Crypto market structure, traders can expect another boom which can take the SHIB up by 50%. Prices are expected to go up between $0.00000955 to $0.00001070.
Keeping bullish trend aside, things will go out of favor of SHIB if it breaks the $0.00000727 support level which will give an indication that bears are in control and can take the price down ranging from $0.00000625 to $0.00000654.
This retracement can delay the upward trend but it will cause any problem for the bulls.
