Shiba Inu (SHIB) is among the tokens that depicted weaknesses from the crypto crash in May until September. The meme coin endured a massive plummet in May as the overall market witnessed turmoil. Moreover, SHIB maintained its price actions inside a range until breaking out as last month ended, surging remarkably.
Shiba Inu traded within that range, bouncing from $0.0000058 to $0.0000095 with a downside bias. For instance, Shiba Inu pierced the lower support level during September’s early sessions before resuming its range-bound actions.
Some market players saw the range-bound trading not ending. That was because SHIB/USD failed to capitalize on the cryptocurrency rally that began towards July ending. Most tokens recorded considerable surges, while the meme token traded sideways. However, it started moving in October, turning into one of the most bullish tokens in the market.
Shiba Inu enjoyed buying actions before breaking past its range after Elon Musk tweeted a photo of his pet dog. The positivity had the asset’s market value hit $11.76 billion. Though the Tesla CEO has made similar posts in the past, SHIB hasn’t surged like recently. However, what contributed to SHIB’s surge into one of the bullish tokens.
Improved sentiment in the crypto space and Bitcoin’s jump boosted Shiba Inu’s rally. Also, the growing community has helped SHIB’s performance, its Twitter followers surging past 1 million.
4-Hour Chart Analysis
Shiba Inu started correcting lower during Thursday sessions after the remarkable upswing. However, the community and technicals helped the token, providing support. According to the four-hour chart, SHIB’s retracement ended above the 20 Simple Moving Average. With this support, the meme asset bounced high from the area. The SHIB community activated their actions once more, posting on different social platforms about buying the coin, targeting to prove “haters” wrong.
Moreover, the Crypto.com exchange introduced the SHIB Trading Campaign. That provided Shiba Inu buyers an opportunity to win such assets and SHIB-themed NFTs. With that, analysts believe SHIB/USD will retain its gains, not like May where it plummeted quickly. Yesterday’s bounce shows strength. If Shiba Inu persists, it might claim new highs past this week’s peak at $0.000035.