Key Levels To Watch As SHIB Soars 25% To $0.00001589

Shiba Inu price has escaped from a pennant indicating the strength among buyers to fuel an uptrend. This was supported by the appearance of a bullish cross as the meme coin prepared for a 20% upswing. So what are the key levels to look out for?

Shiba Inu Price Seeks A return To $0.000018

SHIB rallied an impressive 102% from a low of $0.00000784 to a high of around $0.00001591 on February 4. This uptick was rejected by supplier congestion from the $0.000016 resistance level, causing Shiba Inu to close the day at $0.00001472.

The “SHIB Army” is determined to scale the price higher particularly after the price escaped from a pennant on Thursday pointing to 18% gains to $0.00001409. This target was achieved on Saturday as the price surged more than 25% between Friday and Saturday. 

Now, the bulls will attempt to lift the Shiba Inu price higher but first, they have to overcome a number of hurdles. The first one was yesterday’s high at $0.00001589, followed closely by the resistance at $0.00001564 and the $0.000017 psychological level. 

Overcoming these levels would confirm an evident bullish breakout with the SHIB token rising to confront supply pressure from the psychological level at $0.000018. Such a move would represent a 20% ascent from the current price.

SHIB/USD Daily Chart

The Moving Average Convergence Divergence (MACD) indicator was moving upwards, showing that the path with the least resistance was upward. Similarly, the histograms were turning deep green to indicate there were more buyers than sellers in the SHIB market. Additionally, the position of the Relative Strength Index (RSI) at 82 suggested that the Shiba Inu price was comfortably under the control of the buyers.

On the downside, if investors decide to book early profits, the SHIB price could rally south. In the downtrend, the price could revisit the $0.00001409 support level, formerly the technical pattern’s target but bulls flipped it from resistance in yesterday’s trading session. 

If selling pressure increases, the price could descend lower to lose the support offered by the 200-day Simple Moving Average (SMA), 50-day SMA, and 100-day SMA at $0.00001083, $0.00001003, and $0.00000989 respectively. In extreme cases of selling pressure, the token price could revisit the $0.00000781 support floor. 

The downtrend was, in fact, a possibility, given that the RSI was positioned in the overbought region and changing direction, which meant the SHIB price was due for a correction. 

Promising Alternatives To SHIB

Traders seeking to buy SHIB should wait for the price to rise above the local high at $0.000018 before placing their bets. Investors could also consider some of the best crypto presales continuously selected by our dedicated team of experts to help you diversify your crypto portfolio. Such coins are Fight Out (FGHT) and Meta Masters Guild (MEMAG) which are currently in presale. 

Fight Out is a blockchain-based fitness platform that encourages physical fitness and healthy living among its users. It is a move-to-earn (M2E) platform and rewards users based on their activities. The native token of the network FGHT is on presale and has raised over $3.89 million since it began. The platform is expected to reward initial investors once the presale stage is over.

Another coin is Meta Masters Guild, Play-to-Earn (P2E) blockchain-based game fitted to disrupt the Web3 mobile gaming space.  The team behind this project has proven that it is possible to develop entertaining, intriguing games that work with playable NFTs. With Meta Masters Guild, players are rewarded for their investments and speculation. There has already been close to $2.83 million raised during the ongoing MEMAG presale.

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