The price of SHIBA Inu (SHIB) is attracted by investors on Saturday. SHIB is benefiting from the fundamental support of the announcement of the world’s first crypto record label, Bigger Entertainment, which hosted a Valentine’s Day event to burn Shiba Inu tokens. Normally, a burn causes a supply shortage in the digital currency and supports the bullish perspective for the price.
More benefit over $0.000025
Source: Trade View
On the 4-hour chart, SHIBA Inu (SHIB) price has fallen from its high of $0.000032 on Jan 13. This also coincides with the breakthrough of 200 DMA. Furthermore, SHIB tested the 50 DMA twice on January 13 and 17, respectively. But on the second attempt, investors were unable to sustain and give up all previous gains near the $0.000028 supply zone.
After the fall, SHIB tested all-time lows near $0.000017, since then SHIBA Inu has been consolidating in the trading range of $0.000019 and $0.000023.
In the recent price move, SHIBA is now pushing higher with the formation of a green candle and in the process of breaking the trading range. The Daily Relative Strength Index (RSI) is approaching the overbought zone.
The momentum indicator argues for the underlying strength of the price. The Bulls could try knocking out the 200 DMA for $0.000026.
Alternatively, if the price fails to break through the resistance level, it would fall back to the lower levels. And this time, a failure to hold the previous low would result in the formation of another lifetime low above $0.000018.
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This post SHIBA Inu (SHIB) Price Climbs Towards 200 DMA at $0.000025
was published first on https://coingape.com/markets/shiba-inu-shib-price-climbs-towards-200-dma-at-0-000025/
