The price of SHIBA Inu (SHIB) has shown some impressive gains after a week of consolidation. The rally is now facing strong resistance near higher levels. At the time of writing, SHIB/USD is trading at $0.000031, up 1.42% with 24-hour trading volume of $2.95 billion.

SHIBA (Inu) SHIB price remains in range on Wednesday. The price is facing multiple rejections near $0.000035. SHIBA gained over 40% in the past week.

Read more: Shiba Inu Announces Metaverse ‘Properties’ for sale / auction

Shiba Inu Looking For Impressive Profits

The price of Shiba Inu (SHIB) has lost 60% in value from its November 30 highs. They tested all the lows in January at $0.000016. Investors find a buying opportunity near the demand zone, the price is up more than 70% in the past week. This also marks the breaking of a nearly two-week consolidation range. The metaverse coin echoed the overall recovery in the crypto market.

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However, the current run appears to be limited near the declining trendline from the said high. Investors can expect SHIB price to enter another consolidation zone and would likely retest the weekly support level at $0.000022. This also coincides with the testing of 20 DMA. If Shiba Inu price manages to break above the bearish trendline, it is more likely that the current rally will continue.

Supporting the possibility of extending the Daily Relative Strength Index (RSI) is trading at 62. Another momentum oscillator, the Moving Average Convergence Divergence (MACD) has broken above the midline, further advocating the current upward move.

If SHIB buyers can now close above the downward line, it has the potential to recoup the horizontal resistance level at $0.000040.

On the other hand, if SHIB price shoots through $0.000028, it will trigger another round of selling towards the $0.000023 support level.


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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