The price of Shiba Inu (SHIB) is trading higher Monday after the previous five sessions of downward momentum. SHIB opens lower but quickly rose towards the daily highs of $0.000027. To maintain the current upward momentum, SHIB must defend the low of the session.
Shiba Inu (SHIB) is trading higher on the first day of the new trading week. Expect a 40% rise from current levels with the formation of an inverted hammer candlestick. Momentum oscillators warn of aggressive bids.
At press time, SHIB/USD is trading at $0.000026, up 3.76% for the day. The 14th largest cryptocurrency by market cap had a 24-hour trading volume of $1,295,481,213 with over 6% gains according to CoinMarketCap.
According to WhaleState reports, an anonymous Ethereum whale added an additional 47 billion SHIB tokens with existing Shiba Inu tokens worth more than $100 million. With this purchase, you will become one of the largest holders of the token investors.
SHIB Price Seeks Upward Profit
On the daily chart, Shiba Inu (SHIB) price action struggled below the 50-day Exponential Moving Average (EMA) at $0.000028. After seeing an 80% drop from the all-time high of $0.000088 on Oct. 27, SHIB is consolidating in late January.
Source: Trade View
SHIB/USD breaks the short term trading range of $0.000019 and $0.000035 on Feb 6. The price bounced back 50% from the swing highs of $0.000035.
A resurgence in buying pressure will push SHIB price towards the upper filters. After taking the immediate target of $0.000035 followed by the horizontal resistance line of $0.000040.
On the downside, a sell order spike could drop immediately to the February 6 low of $0.000024. Subsequently, market participants were able to test the January lows of $0.000017.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) is 43 below the moving average.
MACD: The Moving Average Convergence Divergence (MACD) is still holding above the midline, but with bullish momentum waning.
Disclaimer
The content presented may contain the personal opinion of the author and is subject to market conditions. Do your market research before investing in cryptocurrencies. The author or the publication is not responsible for your personal financial loss.
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This post Shiba Inu Price Prediction: SHIB Price Aims For 40% Up, Is Correction Over?
was published first on https://coingape.com/markets/shiba-inu-shib-price-prediction-shib-in-pursuit-of-40-upside-is-risk-over/
