The SHIB token price jumped over 46% in seven days to reach a new all-time high of $0.000044.

Shiba Inu (SHIB) price has increased by more than 46% in the past seven days, and 10% over the past 24 hours to see its 30-day performance stand around 484% as of writing. The huge gains have pushed the cryptocurrency’s market capitalization to $20 billion, putting SHIB in the 11th spot among the largest cryptocurrencies by market cap.

Although the token’s price was in the red over different time periods, it has slightly retraced its rise since hitting $0. 000044 on 24 October. According to data from CoinGecko, the DOGE-inspired meme coin is trading around $0.000038.

The slowdown comes as Bitcoin (BTC) battles downside pressure near $62,000 after shedding gains accumulated as the bellwether cryptocurrency raced to an all-time high above $67,000.

Selling pressure for the SHIB price is heavily linked to profit-taking deals by traders looking to cash out their positions. The declines also follow a revelation by Tesla CEO Elon Musk that he does not hold any SHIB tokens, a scenario most SHIB holders have dismissed as inconsequential. According to PAC Coin CEO David Gokhshtein, Shiba Inu has been surging without the SpaceX boss’ support.

SHIB price analysis

Shiba Inu broke through multiple resistance levels including the previous ATH of $0. 000035, as it rallied to the all-time high of $0.000044. SHIB/USD is still above the main support zone indicated by the grey rectangle, despite the downside pressure.

SHIB/USD chart for 4 hours. Source: TradingView

The long shadow of the current 4-hour candle indicates aggressive buying on the dip from bulls, while the rising curves of the 20 EMA and 50 SMA support a fresh upside.

The 4-hour RSI also shows a positive divergence. It is currently just below the overbought territory, giving buyers an advantage.

Above is the immediate resistance zone at $0. 0004, SHIB/USD can rally to $0. 000045 and then $0.00005. On the downside, support lies around the 20 EMA ($0. 000034) and 50 SMA ($0.000029).