The price of Shiba Inu witnessed some consolidation in the past week, the altcoin reflected the same price action on Monday. SHIB bulls catch their breath before aiming higher as the price has already gained support above the reliable support level.
The price of Shiba Inu has been consolidating over the past few sessions. Expect a 40% increase from current levels as SHIB is targeting $0.000040. A break below the 50-day SMA would reverse the bullish outlook.
At the time of writing, SHIB/USD is trading at $0.000030, up 1% for the day. The 24-hour trading volume stands at $2,403,229,443 with a 64% gain.
According to the recent tweet from @WhaleStatsBSC, the top BNB whale reported an acquisition of 139,929,254,883 Shiba Inu. In addition, SHIB ranks as the number one purchased coin for the top 1,000 investors in BSC-based cryptocurrencies.
SHIBA Inu looks for profit on the daily chart
On the daily chart, SHIB is down nearly 80% in value from its November 28 all-time highs. The altcoin is consolidating near the $0.000020 support zone, resulting in a gain of more than 60%.
Source: Trade View
Investors are now stepping back to amplify the strength to break above the swing highs of $0.000035. In pursuit of higher price action, SHIB may test the bearish trendline extending from the November highs. This would also mark the meeting of the pivotal 50-day Simple Moving Average (SMA) at $0.000025.
A renewed buying pressure would force SHIB to jump to the psychological level of $0.000040.
On the other hand, lack of investor conviction could pull investors below the significant bearish line. The intermediate lower target is placed at the January lows of $0.000017.
Technical indicators:
RSI: The Relative Strength Index (RSI) is trading at 47 with a bullish bias indicating intact bullish sentiment.
MACD: The Moving Average Convergence Divergence (MACD) also holds its head above the midline.
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This post SHIBA Inu (SHIB) Price Today: SHIB Face Upside Risk of 40%, Fasten Your Seat Belt
was published first on https://coingape.com/markets/shiba-inu-shib-price-today-shib-face-upside-risk-of-40-fasten-your-seat-belt/
