Whether Shiba Inu was developed to challenge the domination of a single meme coin or attempted to take advantage of the current investor sentiment towards meme coins is still unanswered. Since getting support from lower levels, Shiba has been moving to challenge immediate resistance and achieve highs over time.
Shiba Inu currently holds a market capitalization of $13,647,661,317 and ranks at 15th position amongst other cryptocurrencies. Like many other cryptocurrencies, November 2021 was a golden month for Shiba Inu, but it has been moving down as if other investors are booking profits.
It is challenging for Shiba to recapture its previous glory in the present timeline. A positive sign would be indicated after Shiba Inu manages to overcome the resistance offered by the 200 DMA. The price trend remains uniquely different on daily charts and monthly charts. Let’s find more details about the Shiba Inu important price levels and projections.
Shiba Inu cryptocurrency has been moving downwards since November 2021, and investors might be considering taking advantage of this 70% discount value. While it sounds lucrative, there is no saying if Shiba Inu can overcome this profit booking sentiment any time soon.
SHIB tokens attempt to retrace below 200 DMA curves on the daily chart. Hence, it should break out of its 200 DMA levels within a few more attempts. $0.00003984 remains one of the critical resistance levels, and this price is close to 62% away from current levels.
From $0.000030, the price trend may indicate some positiveness. Shibaswap remains the only functional tool developed by Shiba developers recently, but overall the trend and momentum remain challenging.
RSI of Shiba Inu has taken a considerable leap, much like what we witnessed in January 2022. It confirms that buyers are taking increasing action to reach a positive level. Followed by the downwards crossover of its 200 DMA, Shiba Inu should ideally reach a decent high from current levels.
On the weekly chart, the assumptions of daily chart prediction show some merits. At the same time, the price level of $0.000030 becomes the upper trend of the current consolidative price action that SHIB has failed to breach. The difference between its strong resistance and support level is 600%, and the difference between its immediate support and resistance level narrows down to 91%.
Ideally, such a cryptocurrency moves volatilely, making it challenging to overcome selling or buying pressure once momentum begins. Since RSI on weekly charts has remained in a similar zone since December 2021 despite the values falling to fresh lows, one could be tempted to invest in Shiba Inu. Since there is no guarantee of repeating its previous feats, one should remain wary of increased volatility before investing in Shiba Inu.
Source: https://www.cryptonewsz.com/will-shiba-inu-be-able-to-target-200-dma/