Is Shiba Inu (SHIB) Price On Way To Breach January Highs, A Breakout Above $0.000033 Is On Cards

After surging 26% since January 10th, the meme coin Shiba Inu (SHIB) price trades near the crucial level. A break above  January’s high of $0.000033 could set the next upside at the level of $0.000035.

• Shiba Inu continues to capitalize on the previous session’s gains.
• Dog-based meme token Shiba Inu surges 17% from the previous session.
• The momentum oscillator holds onto the overbought zone throws caution for aggressive bids.

Listing Rumors On Robinhood Led to the Gains

The move was primarily sponsored by a tweet, which stated “Shiba Inu Robinhood listing said to come as early as Feb”. ZeroHedge shared on social media. However,  Robinhood did not make any comment on the tweet.

On the 4-hour chart, the price faces strong resistance near 0.000033 while forming a double top formation. The meme coin dropped after testing the mentioned level on January 13 but soon recovered back to the same level. Thus, making it a crucial level to trade. The rising trend line from the lows of 0.000026 made on January 10 acts as a support level for the bulls.

Moving on to the technical set-up, the daily Relative Strength Index (RSI) retraced from the 69.0 level and now stands at 60. Further, the MACD ( Moving Average Convergence Divergence) trades above the midline, which indicates the inherent strength in the pair.

The Volume oscillator also supports the bullish thesis for the meme coin. Price is struggling near the 100-day EMA (Exponential Moving Average). An acceptance above the 200-EMA would make the bulls  take over the next 0.000035 level.

While looking at the other side of the coin, a break of the ascending trend line would drag the price below the 20 and 50 EMA, which could bother the buyers.