SHIBA Inu (SHIB) Price Failed Near $0.000029, Will Bears Take The Charge Now!

By Rekha chauhan
February 7, 2022 Updated February 7, 2022
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Shiba Inu price prepares for a 20% rally as SHIB bulls look for a launchpad

SHIBA Inu (SHIB) price took a breather on Monday after a price shoots up to more than 20% in a single day. It is the biggest single-day upside movement since November. In January Shiba Inu observed a massive sell-off in January month.

  • SHIBA Inu (SHIB) price started the week on a lower note.
  • Double top at $0.000029 indicates probable lower price action.
  • Earlier, SHIB lost 58.6% in December from the same level.

As of writing, SHIB/USD is trading at $0.000027, down 3.47% for the day. The 24-hour trading volume is reading at $2,893,985,816 with more than 350% gains.

Shiba Inu test strong resistance

On the daily chart, the SHIBA Inu (SHIB) price has been consolidating for the past three-week starting January 22. The price is already struggling below the 50 DMA since November 30.

Now, the descending trend line from the December 24 highs at $0.000040 acts as a resistance barrier for the bulls. SHIB has tested the bearish slopping line after more than one-and-half months. Thus making it a crucial level to trade.

The momentum oscillator Daily Relative Strength Index (RSI) defends 56 after a sudden uptick in the indicator. Investors are still reluctant to place aggressive bids near the current levels.

To continue with the current upside momentum SHIBA has to give a decisive close above the bearish slope line with good volumes.  This would mean breaching the ‘double top formation’.

The next upside target could be found at the horizontal resistance level of $0.000035 which is the support-tuned resistance zone.

Alternatively, if the price slips below the daily’s low of $0.000027 then it could test the upper trend line of the consolidation near $0.000023.

Rekha has started as Forex market analyst. Analyzing fundamental news and its impact on the market movement. Later on, develop an interest in the fascinating world of cryptocurrency. Tracking the market using technical aspects. Exploring on-chain analysis to track the market.
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

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