ZebPay, India’s largest crypto exchange, recently announced that Shiba Inu’s SHIB token is listed on its platform, following the path of Bitpanda, Coinbase Pro and Binance. The SHIB price increased nearly 350% from its October opening price, pushing its market cap up to the 18th position and quickly cementing its title as the “DOGE killer”.
“This partnership with crypto payment processor NowPayment will ensure that a percentage of the SHIB token is burned in every transaction, reducing its supply as a result.”
But will this burn provide the necessary reasons for SHIB/USDT to break out of the current $0.000035 resistance? Here is the analysis of the weekly, daily and 4HR charts of SHIB/USDT!
Shiba Inu (SHIB) Weekly Chart Analysis
The spike in SHIB demand on September 6 saw an uptrend crossing above the downtrend line on August 9th. After Poloniex hit an all-time high of $0.000035, price growth started to slow down a bit, a healthy correction needed for SHIB price to continue to 0.00005.
SHIB holders seem confident of the current price increase as the RSI continues to rise above level-75 and level-25.
Shiba Inu (SHIB) Daily Chart Analysis
Looking at the daily timeline, a 380% push from the normal bullish divergence on Sept. 28 is bringing it closer to a “correction” phase in the form of a gradually ascending triangle chart pattern.
SHIB price broke the $0.00002779 resistance on the bar chart for the last time on October 11.
Also, we see a hidden bullish divergence as SHIB price creates higher lows while the RSI creates lower lows on Oct. 07 and 12. We’ll cover a clearer picture of the bullish divergence in the 4HR time frame analysis below.
Shiba Inu (SHIB) 4HR Chart Analysis
Looking at October 7 on the SHIB/USDT chart, it is slowly leaving the previously widening channel and shifting towards the ascending triangle chart pattern.
Hidden bullish divergence patterns on Oct 07 8:00 PM and Oct 12 12:00 PM suggest a continuation of the uptrend as the price could skyrocket beyond the $0.000035 resistance.
Conversely, a break of the $0.00002058 support level would signal quick take profits and an increase in the short-circuit rate.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.