The price of SHIBA Inu (SHIB) vaporizes initial gains as the US session begins. Wall Street opened mixed as tensions between Ukraine and Russia continue. SHIB is pulling back below the recent highs of $0.000035 as it gains support near the critical 50-day Simple Moving Average (SMA).
SHIBA Inu (SHIB) gains marginally on Friday. Expect more gains as the price breaks away from swing highs of $0000.35. However, a decisive break below the critical 50 SMA invalidates the bullish thesis.
At the time of writing, SHIB/USD is trading at $0.000028%, up 1.13%. According to the CoinMarketCap, the 14th largest cryptocurrency by market cap has 24-hour trading volume at $1,718,703,665, which is nearly 5% lower. This is not a good sign for the bullish outlook for the pair.
Shiba Inu struggles under $0.000035
On the daily chart, the SHIBA Inu (SHIB) price bounced back from double the low of $0.000017. This is a critical level to hold on to as the last time SHIB hit the support zone, it peaked at all-time highs of $0.000088 with a gain of over 150%.
Now, after consolidating in late January, the price has scaled up close to 100%, only to experience rejection near the multiple resistance zone. Investors have flipped the critical resistance cum support level of $0.000035.
It would be interesting to see if the bulls can cut above the said level to eliminate the $0.000040 psychological level. However, it remains a difficult note for investors to follow.
On the downside, a shift in SHIB Inu bullish sentiment would result in the 50-day moving average breaking. The price action could cause the $0.000020 demand zone to be retested.
In addition, a sell order spike could drag SHIB to the lows last seen in September at $0.000008.
Technical indicators:
RSI: The Daily Relative Strength Index (RSI) fell below the average line with a current reading of 51.
MACD: The moving average convergence divergence (MACD) is holding above the midline with a neutral stance.
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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 publication is not responsible for your personal financial loss.
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This post SHIBA Inu (SHIB) Price Prediction: SHIB Defends 50-Day SMA, Next $0.00004 On Radar!
was published first on https://coingape.com/markets/shiba-inu-shib-price-prediction-shib-defends-50-day-sma-next-0-00004-on-radar/
