SHIBA Inu (SHIB) price trades higher on Friday after falling more than 7% in the previous session. SHIB smashed down to a crucial support level after news of Russia attacking Ukraine spread. Today’s price action reveals the possibility of a move to $0.000035 as it recovered from the lows of $0.000020.
- SHIBA Inu (SHIB) jumps nearly 3% on Friday.
- Bulls mulling over a possible push above the 50-day EMA in pursuit of a 45% upside rally.
- Uncertainty and Volatility are set to rule the price action in short term.
As of press time, SHIB/USD is trading at $0.000020, up 2.76% for the day. The 14th largest cryptocurrency by market cap held a 24-hour trading volume of $2,217,179,252 with more than the loss of 21%.
SHIB trades near crucial level
On the daily chart, SHIBA Inu (SHIB) consolidates in late January after testing lows of $0.000017 rallied nearly 105%
SHIB bulls face multiple rejections near the significant $0.000035 as investors flipped the support-turned-resistance level. But SHIB buyers lack the conviction to continue with the uptrend. As price enters a retracement of 42%.
In the previous session, SHIB broke the crucial $0.000025 support level because of intense selling pressure. However, as the dust settles down the asset bounce back to the mentioned level with a renewed buying sentiment.
The formation of a ‘hammer’ candlestick signaled that bears have tired now and looking for an upside reversal.
Going forward, SHIB could face an upside hurdle at the 50-day EMA (Exponential Moving Average) EMA at $0.000027. A decisive close above this level makes the journey easy for bulls to capture the horizontal resistance line at $0.000035.
Now, if the price slips below the session’s low then it would negate the bullish theory with the interim support at $0.000020.
Technical Indicators:
RSI: The Daily Relative Strenght Index (RSI) holds near 40 below the average line still pointing at the weakness.
MACD: The Moving Average Convergence (MACD) hovers below the midline with a neutral bias.
Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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Source: https://coingape.com/markets/shiba-inu-shib-price-prediction-shiba-set-to-soar-45-amid-relief-rally-advances-toward-0-000035/