SHIBA Inu (SHIBA) Price Analysis Face Upside Risk 23% From Current Levels

By Rekha chauhan
January 31, 2022 Updated January 31, 2022
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Shiba Inu price prepares for a 20% rally as SHIB bulls look for a launchpad

SHIBA Inu (SHIBA) price treads water on the last day of the month. After witnessing a month of the downfall, the price still remained under pressure waiting for a reversal. After flipping the support level at $0.000025, the pair dipped at the months’ low of $0.000017.

  • SHIBA Inu (SHIBA) price remains consolidated on Monday.
  • The price risk upside is toward $0.000025.
  • The momentum oscillator trades in the negative zone.

At the press time, SHIBA/USD is trading at $0.000020, down 0.01% for the day. The 24-hour trading volume is at $497,631,125, down 7.34%.

Shiba Inu price looks up for $0.000025

Shiba Inu’s price has retraced towards 39% from the highs of $0.000028. The formation of a ‘Doji’ candlestick on January 22 provided immediate relief to the sellers. As the price initiated some relief rally with the immediate resistance placed at $0.000023. SHIBA bulls are hopeful for a recovery toward the horizontal resistance level at $0.000025.

Source: Trading view

The daily Relative Strength Index (RSI) holds near 50 indicating at the possible upside in the price from the current levels. Another momentum oscillator, the Moving Average Convergence Divergence (MACD) trades just near the midline stating the ongoing consolidation in the price.

On the flip side, if the price is not able to sustain the day’s low then it could touch the lows made on January 22 at $0.000017. Furthermore, investors could open the fresh short positions toward the levels last seen in October around $0.000012.

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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