SHIBA Inu (SHIB) Price Struggles Below $0.000032, Is Trend Reversal On The Cards?

By Rekha chauhan
February 9, 2022 Updated February 9, 2022
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SHIB Price Analysis
Shiba Inu SHIB in uptrend and price is rising

SHIBA Inu (SHIB) price has shown some impressive gains after week-long consolidation. The rally is now facing some strong resistance near higher levels. As of writing, SHIB/USD is trading at $0.000031, up 1.42% with a 24-hour trading volume at $2.95 billion.

  • SHIBA (Inu) SHIB price remains range-bound on Wednesday.
  • The price face multiple rejections near $0.000035.
  • SHIBA gained more than 40% over the last week.

Read More: Shiba Inu Announces Metaverse ‘Properties’ Up For Sale/Auction

Shiba Inu looks for impressive gains

Shiba Inu’s (SHIB) price has lost 60% in value from the highs made on November 30. They tested all lows in January at $0.000016. Investors find some buying opportunity near the demand zone, the price surged more than 70% over the past week. This also marks the break out of a nearly two-week consolidation range. The metaverse coin echoed the overall recovery in the crypto market.

Source: Trading View

However, the current run-up seems to be limited near the descending trend line from the mentioned high level. Investors can expect SHIB price to enter another consolidation zone and probably would retest the weekly support level at $0.000022. This also coincides with the testing of 20 DMA. If Shiba Inu price manages to break above the bearish trend line, there is a higher probability that the current rally will continue.

Supporting the possibility of the extension of the Daily Relative Strength Index (RSI) is trading at 62. Another momentum oscillator the Moving Average Convergence Divergence (MACD) has breached above the midline further advocating the current upside movement.

Now if SHIB buyers are able to close above the downward line then it will have the potential to recoup the $0.000040 horizontal resistance level.

On the flip side, if SHIB price smashes through the $0.000028, it will trigger another round of selling toward the support level of $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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