SHIBA Inu (SHIB) Price Today: SHIB Face Upside Risk of 40%, Fasten Your Seat Belt

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

Shiba Inu’s price witnessed some consolidation in the previous week, the altcoin mirrored the same price action on Monday. SHIB bulls catch their breath before aiming higher as the price has already taken support above the reliable support level.

  • Shiba Inu’s price has been consolidating for the past few sessions.
  • Expect an ascent of 40% from the current levels as SHIB targets $0.000040.
  • A break below the 50-day SMA would reverse the bullish outlook.

As of writing, SHIB/USD is trading at $0.000030, up 1% for the day. The 24-hour trading volume stands at $2,403,229,443 with 64% of gains.

As per the recent tweet by @WhaleStatsBSC reported that the top BNB whale has made an acquisition of 139,929,254,883 Shiba Inu. Furthermore, SHIB has topped as the number one purchased coin for the 1,000 largest investors in BSC-based cryptocurrencies.

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SHIBA Inu looks for gains on the daily chart

On the daily chart, SHIB has depreciated nearly 80% from the all-time highs made on November 28. The altcoin consolidates near the $0.000020 support zone that resulting in an upswing of more than 60%.

Source: Trading View

Investors now taking a step back to reinforce the strength to break above the swing highs of $0.000035. In the pursuit of higher price action, SHIB can test the descending trend line that extends from the highs of November highs. This would also mark the meeting of the crucial 50-day Simple Moving Average (SMA) at $0.000025.

A renewed buying pressure would force SHIB to jump toward the psychological $0.000040 level.

On the other hand, a lack of conviction among investors could pull the investors below the significant bearish slopping line. The interim lower target is placed at the January lows of $0.000017.

Technical Indicators:

RSI: The Relative Strength Index (RSI) trades at 47 with a bullish bias indicating intact bullish sentiment.

MACD: The Moving Average Convergence Divergence (MACD) also keeps its head up above the midline.

 

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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.
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