SHIBA Inu (SHIB) Price Prediction: SHIB Defends 50-day SMA, Next $0.00004 On Radar!

Rekha chauhan
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Shiba-Inu-SHIB-Finally-in-the-top-10

SHIBA Inu (SHIB) price evaporates the initial gains as the U.S. session begins. Wall Street opened mixed as the Ukraine-Russia tension persist. SHIB retreats below the recent highs of $0.000035 while taking support near the critical 50-day Simple Moving Average (SMA).

  • SHIBA Inu (SHIB) gains marginally on Friday.
  • Expect more gains if the price breaks away from swing highs of $0000.35.
  • However, a decisive break below the critical 50 SMA invalidates the bullish thesis.

As of press time, SHIB/USD is trading at $0.000028%, up 1.13%. As per the CoinMarketCap, the 14-larget cryptocurrency by market cap holds 24-hour trading volume at $1,718,703,665, which is nearly 5% down. Now, this is not a good sign for the bullish outlook for the pair.

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Shiba Inu struggles below $0.000035

On the daily chart, SHIBA Inu (SHIB) price bounce back from the double lows of $0.000017. This is a critical level to hold as last time when SHIB touched the support zone it peaked at all-time highs of $0.000088 with an ascent of more then 150%.

Now, after consolidation in late January, the price scaled up almost 100% only to face rejection near the multiple-time resistance zone. Investors flipped the critical resistance-cum-support level of $0.000035.

It would be interesting to watch if the bulls can slice above the mentioned level to take out the psychological level of $0.000040. However, it remains a tough nut to track for investors.

On the flip side, a shift in the bullish sentiment SHIB Inu would result in the breaking of the 50-day moving average. The price action might end up in retesting of the demand zone of $0.000020.

Furthermore, a spike in the sell order could drag SHIB toward the lows last seen in September at $0.000008.

Technical Indicators:

RSI: The Daily Relative Strength Index (RSI) flipped below the average line with current reading of 51.

MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a neutral stance.

 

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Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.

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.

About Author
About Author
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.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
Ad Disclosure: This site may feature sponsored content and affiliate links. All advertisements are clearly labeled, and ad partners have no influence over our editorial content.