The price of Shiba Inu is consolidating near the higher levels of the past few sessions. SHIBA looks directionless after rising nearly 70% from January lows. Investors resting above the 50-day Simple Moving Average (SMA) at $0.000028.
SHIBA Inu continues to consolidate over the past few sessions. The price expects a 42% increase from current levels. SHIBA Dives Into Metaverse’s Space Plans To Auction ‘Shiba Lands’.
At press time, SHIB/USD is trading at $0.000039, up 0.59% for the day. The 24-hour trading volume stands at $17 billion and remained unchanged with the current CoinMarketCap ranking of 14.
SHIBA was largely unfazed by the news of a listing on major Brazilian crypto exchange Foxbit on Feb. 16. Moreover, meme-coin has decided to jump into the metaverse space. Developers have announced that they will be selling Shiba Land plots for purchase in the metaverse.
SHIBA seeks 40% upward advantage
On the daily chart, Shiba Inu (SHIBA), after consolidating near $0.000020, the price has since risen more than 70%. Investors are aiming for a 42% increase to reverse the current long-term downward target.
Then, market participants could take the next leg to the horizontal resistance line at $0.00005.
Source: Trade View
The Daily Relative Strength Index (RSI) is at 57 with a bullish bias indicating that bulls don’t want to give up that easily.
Shiba Inu depreciated more than 100% from its all-time high of $0.000088. The price has been falling steadily since then, moving just above the 50-day SMA on Monday.
It could test the bearish bullish line and a failure to hold the level will invalidate the bullish theory.
SHIBA bears could dominate the trend if the price segment is below the said SMA. Furthermore, a breach of the $0.000028 foothold then the $0.000020 demand zone would reappear as the immediate support level.
In addition, an additional spike in bearish price action could push the price of Shiba Inu to the lows last seen in October around $0.000012.
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This post SHIBA Inu (SHIB) Price Prediction: SHIB Remains On The Back Foot Towards 50 SMA
was published first on https://coingape.com/markets/shiba-inu-shib-price-prediction-shib-stays-on-the-back-foot/