- The Shiba Inu investors are attempting to raise the crypto price above the Demand zone after an extreme weekend.
- The Shiba token has gained 5.56% market capitalization over the last trading session.
- SHIBA/BTC pair price is trading higher by 3.7%, trading at 0.00000000636 satoshis.
On the daily chart, the Shiba INU token price retested the steady support zone, signalling a substantial pullback from the swing highs of $0.000035. SHIB has been attempting to trace 18% after a 75% increase since February 4. The most recent price change looks into the $0.000028 demand zone. Nine of the last ten daily candles have closed in the red. This indicates that SHIB is in a severe correction following the early-February rise. The price is rapidly returning to its breakthrough level, wiping away any gains gained since then.
The Shiba Inu price is trading just above the demand zone (green). The current price of the SHIBA token is 0.00002442, bullish by 3.42%. However, the coin has lost 37% trading volume over the past 24-hours. On 24-February, the daily trading volume bar reflected the 15-days highest peak. Meanwhile, the volume to market capitalization ratio is 0.1167. Furthermore, the Shiba Inu price with Bitcoin pair trading with 3.7% increase, which is at 0.000000000636 satoshis.
The SHIB token has immediate support at $0.000020, and $0.0000350 could act as a strong resistance level in near term. Nevertheless, bulls are approaching the 50-day moving average as a bullish hurdle. The remaining moving averages are far above the current price of SHIBA token price.
The SHIB price is accumulating within a narrow range
The SHIB token’s price action is suggesting the bullish indication just above the lower range of the Bollinger Bands indicator. Bulls have an excellent shot to push the price higher. A declining trend may act as a selling point for the bears during the upwards trend.
The relative strength index seems to be sideways at 43-mark after retesting the overbought zone in terms of the daily price chart. Furthermore, the average directional index is falling gradually and now it’s at 21-point, suggesting the weak momentum for the Shiba Inu token.
Conclusion
The Shiba Inu token’s price is trading at a critical level. If bulls fail to hold the SHIB price higher, bears may dump the price below the demand zone.
Support level – $0.000020 and $0.000017
Resistance level – $0.000035 and $0.000040
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
