The price of SHIBA Inu (SHIB) took a breather on Monday after a price surged above 20% in one day. It is the largest one-day upward move since November. In January, Shiba Inu observed a huge sell-off in the month of January.
The price of SHIBA Inu (SHIB) started the week lower. Double top at $0.000029 indicates likely lower price action. Previously, SHIB lost 58.6% from the same level in December.
At the time of writing, SHIB/USD is trading at $0.000027, down 3.47% for the day. The 24-hour trading volume stands at $2,893,985,816 with over 350% gains.
Shiba Inu test strong resistance:
On the daily chart, the SHIBA Inu (SHIB) price has been consolidating for the past three weeks from January 22. The price has been struggling below 50 DMA since Nov. 30.
Now the falling trendline from the December 24 highs at $0.000040 is acting as a resistance barrier for the bulls. SHIB has tested the bearish slopping line after more than a month and a half. So it is a crucial level to trade.
The momentum oscillator Daily Relative Strength Index (RSI) is defending 56 after a sudden rise in the indicator. Investors are still reluctant to place aggressive bids near current levels.
To continue with the current upward momentum, SHIBA needs to deliver a decisive close above the bearish slope line with good volumes. This would mean breaking the ‘double top formation’.
The next upward target can be found at the $0.000035 horizontal resistance level, which is the support-tuned resistance zone.
Alternatively, if the price dips below the daily low of $0.000027, it could test the upper trendline of the consolidation near $0.000023.
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This post SHIBA Inu (SHIB) Price Fails Near $0.000029, Bears Will Take Charge Now!
was published first on https://coingape.com/markets/shiba-inu-shib-price-failed-near-0-000029-look-more-downside/