SHIBA Inu (SHIB) Price Climbs Towards 200 DMA AT $0.000025
SHIBA Inu (SHIB) price is enjoying attraction from investors on Saturday. SHIB is capitalizing on the fundamental support from the announcement from the world’s first crypto record label, Bigger Entertainment that organized a valentine’s day event to burn Shiba Inu tokens. Normally a burn triggers a supply shortage in the digital currency and supports the bullish perspective for the price.
More upside above $0.000025
On the 4-hour chart, the SHIBA Inu (SHIB) price has retreated from the highs of $0.000032 on January 13. This also coincides with the breach of 200 DMA. Further SHIB tested the 50 DMA tested twice on January 13 and January 17 respectively. But on the second attempt investors could not sustain and give up all the previous gains near the $0.000028 supply zone.
After the fall, SHIB tested the all-time lows near $0.000017 since then SHIBA Inu has been consolidating in the trading range of $0.000019 and $0.000023.
In the recent price movement, SHIBA is now pushing higher with the formation of a green candle and in the process to breach the trading range. The Daily Relative Strength Index (RSI) is approaching the overbought zone.
The momentum indicator advocates the underlying strength in the price. The Bulls could attempt to take out the 200 DMA at $0.000026.
Alternatively, if the price is failed to break the resistance level then it would fall back to the lower levels. And this time a failure to hold the previous lowest level would result in the formation of another lifetime low beyond $0.000018.
- Tech Giant Samsung Taps Coinbase To Provide Crypto Access, Driving Adoption
- Bitget Joins UNICEF Game Jam To Train 300,000 Youths In Blockchain
- Crypto Market Rally: BTC, BNB, SOL, XRP, ETH Surge Amid Q4 Momentum
- Bitcoin ETFs Record $2.2B Weekly Inflows as BTC Price Surges Past $120K
- Nomura Eyes to Ripple Dominance in Crypto Trading in Japan as Demand Rises
- Will XRP Price Hit $5 if the SEC Approves ETFs This Month?
- Bitcoin Price Hits $120K, Is Citigroup’s Bold Q4 Prediction in Motion?
- Pi Network Price at Risk of Another Crash as Mysterious Whale Stops Buying
- Solana Price Eyes $360 After Bullish Retest As VisionSys AI Deploys $2B Treasury Strategy
- Cardano Price Forecast As Hashdex Listing Fuels Optimism For $1.27 Breakout
- BONK Price Rally Ahead? Open Interest Jumps as TD Buy Signal Flashes
Why Trust CoinGape
CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more…to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.
