Shiba Inu price still has more room to go up despite 300% gains

Shiba Inu (SHIB) has been on a tear this week with a staggering 322% rise. As price action shot up so violently, new buyers who want to join the rally will need to pinpoint good entry levels to claim another 28% of profit left in the tank.

Shiba Inu price entry at $0.00003155 signals more room to the upside

Shiba Inu bulls have had a lot of fun since they got going on Monday. With price action in SHIB going vertical, it was not easy for bulls who came late to join the party. However, a few key levels can be identified as price action will relax after the heated bull run. 

SHIB price has been like an elastic band, which now is losing a bit before getting back under tension for the next leg up. In that correction phase, an entry at $0.00003155 looks to make the most sense. It goes back to the high of May 12, and intraday it holds for the moment. A leg further down offers an even better entry, near $0.00002775. This level acted as the opening level intraday and was the low on May 11.

 

SHIB/USD daily chart

With current positive market sentiment on the forefront, expect more buyers to join in SHIB price action and further run price action higher. A retest of $0.00003999 looks to be the ultimate price target and would spell new all-time highs for Shiba Inu, or at least a retest of that all-time high. 

If bulls take too much profit, making the rally lose steam and pressure, expect a further paring of the gains toward $0.00002391 or even sub $0.00002000 toward $0.00001951. Would global markets tank again and risk-off once again dictate sentiment, expect a full retrace back to $0.00001238 where many previous highs will be giving support together with the monthly R2.