SHIBA Inu (SHIB) price trades higher on Friday after falling more than 7% in the previous session. SHIB smashed down to a crucial support level after news of Russia attacking Ukraine spread. Today’s price action reveals the possibility of a move to $0.000035 as it recovered from the lows of $0.000020.
- SHIBA Inu (SHIB) jumps nearly 3% on Friday.
- Bulls mulling over a possible push above the 50-day EMA in pursuit of a 45% upside rally.
- Uncertainty and Volatility are set to rule the price action in short term.
As of press time, SHIB/USD is trading at $0.000020, up 2.76% for the day. The 14th largest cryptocurrency by market cap held a 24-hour trading volume of $2,217,179,252 with more than the loss of 21%.
SHIB trades near crucial level
On the daily chart, SHIBA Inu (SHIB) consolidates in late January after testing lows of $0.000017 rallied nearly 105%
SHIB bulls face multiple rejections near the significant $0.000035 as investors flipped the support-turned-resistance level. But SHIB buyers lack the conviction to continue with the uptrend. As price enters a retracement of 42%.
In the previous session, SHIB broke the crucial $0.000025 support level because of intense selling pressure. However, as the dust settles down the asset bounce back to the mentioned level with a renewed buying sentiment.
The formation of a ‘hammer’ candlestick signaled that bears have tired now and looking for an upside reversal.
Going forward, SHIB could face an upside hurdle at the 50-day EMA (Exponential Moving Average) EMA at $0.000027. A decisive close above this level makes the journey easy for bulls to capture the horizontal resistance line at $0.000035.
Now, if the price slips below the session’s low then it would negate the bullish theory with the interim support at $0.000020.
Technical Indicators:
RSI: The Daily Relative Strenght Index (RSI) holds near 40 below the average line still pointing at the weakness.
MACD: The Moving Average Convergence (MACD) hovers below the midline with a neutral bias.
The post SHIBA Inu (SHIB) Price Prediction: SHIBA Set To Soar 45% Amid Relief Rally, Advances Toward $0.000035 appeared first on CoinGape.
- Coinsmart. Europe’s Best Bitcoin and Crypto Exchange.
- Platoblockchain. Web3 Metaverse Intelligence. Knowledge Amplified. FREE ACCESS.
- CryptoHawk. Altcoin Radar. Free Trial.
- Source: https://coingape.com/markets/shiba-inu-shib-price-prediction-shiba-set-to-soar-45-amid-relief-rally-advances-toward-0-000035/
- About
- Action
- asset
- average
- Bears
- Bullish
- Bulls
- Buying
- Coingape
- continue
- could
- crucial
- cryptocurrency
- daily
- day
- down
- EMA
- Enters
- Face
- Forward
- Friday
- holds
- HTTPS
- index
- Investors
- IT
- January
- journey
- Level
- Line
- looking
- MACD
- Market
- Market Cap
- more
- move
- moving
- Near
- news
- possible
- prediction
- press
- pressure
- price
- Price Prediction
- rally
- relief
- Russia
- sentiment
- set
- settles
- Share
- Short
- significant
- spread
- support
- support level
- Testing
- time
- today’s
- trades
- Trading
- Ukraine
- Volatility
- volume
- would