Shiba Inu, one of the most favoured meme tokens, also known as the tough competitor for the Dogecoin price. The price being negibile since inception, gained traders attention of late and rallying high in just a couple of days.
Subsequently, the token gained immense popularity and also many popular exchanges like Binance listed the token without wasting much time. The price maintained a pretty consistent rally until the mega market slash, sliced down the price to almost half.
The SHIB price in the past three days had maintained a balance along the apex levels of the symmetrical triangle around $0.00000762. Eventually, an inverse head and shoulder pattern was formed in the hourly chart which triggered the rally above $0.00000807.
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The highly induced volume in the early trading hours escorted the price close to $0.00001 levels, however, failed to cross. Nevertheless, the price still has a strong bullish momentum to rally high as the price drop held strong at the initial support levels itself.
Despite the price jump, it is very premature to term the price jump as the Shiba Inu price rally. As the price needs to close today’s trade above the 10-day SMA around $0.00000864 as said by a popular analyst RESEARCH 24/7.
Shiba INU price is expected to surge high somewhere close to $0.01 in 2021 if the bullish momentum intensifies. Moreover, if the rounds of launch of Shibaswap comes to reality, then the target for SHIB price may be achievable.
Also Read: Shiba Inu Price Prediction: Will SHIB Price Rally in June?