The cryptocurrency market is currently on a remarkable uptrend. The price of bitcoin is almost touching $50K, causing an uptrend to the rest of the market. Shiba Inu is among the trending coins in the market with explosive gains that have pushed it towards monthly highs.

SHIB is trading at $0.00001271 at the time of writing after a 51.8% gain in 24 hours.

Shiba Inu Price Analysis

Shiba Inu Price analysis Oct 5
Source: Tradingview

The crypto market is showing strong signs of recovery, and SHIB is among the leading coins in terms of gains. The 24-hour uptrend has enabled the coin to test the higher resistance of $0.000015.

The current gains made by SHIB have mainly been attributed to market support. If the current gains are maintained, we could see the coin heading towards the next resistance level of $0.000017. If buyers continue rallying support and the upward price action across the broader market holds, we could see the coin pushing towards $0.00002.

On the other hand, we could also the coin resisting the uptrend, which could fall towards lower support levels. The broader market has been volatile, and if SHIB drops, it will test the lower support of $0.00001. If the bearish sentiment is strong, SHIB will drop towards the level of $0.000009, which could trigger dip buying and trigger another price gain.

The current SHIB spinoff is being attributed to yet another tweet by Elon Musk. The billionaire tweeted a photo of his Shiba Inu, and the coin rallied by more than 50%. The response of traders to this tweet shows that Musk still holds influence over dog tokens. Musk’s tweets regarding SHIB have increased over the past weeks, and if the trend continues, Musk could push the coin towards all-time highs, as he did with dogecoin.

Where to Buy SHIB

During the current upswing, those who want to buy SHIB can do so from a reliable and reputable cryptocurrency exchange platform. eToro is one of the leading exchange platforms, and it supports a wide range of user-friendly features that make the platform easy to use for traders. The platform also charges low trading fees and commissions.

Looking to buy or trade Shina Inu (SHIB) now? Invest at eToro!

67% of retail investor accounts lose money when trading CFDs with this provider

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