SHIB Price Analysis: Bulls Prepare To Enter Metaverse as Shiberse Launches, Another Shib Burn Party Coming

• At the time of publication, SHIB was exchanging hands at $0.00002154, up 3.50% in the last 24 hours
• The Shiba Inu team announced its first special surprise for the year 2022
• Shiberse, an immersive experience for the SHIB ecosystem and the Metaverse space, was unveiled

Shiba Inu is rebounding alongside the rest of the crypto market on Tuesday. SHIB had declined to lows of $0.00001708 on Jan. 22 before bears paused for the bulls. At the time of publication, SHIB was exchanging hands at $0.00002154, up 3.50% in the last 24 hours as per CoinMarketCap data. The Shiba Inu team announced its first special surprise for 2022, as it promised. The Shiberse, an immersive experience for the SHIB ecosystem and the Metaverse space, was unveiled on Jan. 24. SHIB had earlier hinted of something big brewing for its ecosystem through its recent tweets. Steven Cooper, CEO of Bigger Entertainment, a crypto record label, says over 100 Million SHIB in the burn pot so far for SHIB lovers valentine day burn party, slated for Feb. 14. He says the goal is to hit 400 Million, hoping to make it the largest burn party yet.

Key Levels
Resistance Levels: $0.00004000, $0.00003214, $0.00002510
Support Levels: $0.00002000, $0.00001850, $0.00001500

SHIB/USD Daily Chart: Ranging

SHIB/USD Daily Chart

SHIB continues to trade slightly below the moving average (MA 200) over the last few sessions, remaining within the bearish channel. The relative strength indicator (RSI) is flattening beneath 40 readings, while the bears lose momentum gradually in the near term. The moving averages (MA 50) create a bearish bend, confirming the latest down move.

On the flip side, if bulls sustain the rebound, the price might jump beyond the MA 200 line and more importantly above the daily resistance of $0.00002510 may spur a bigger rally until the $0.00004000 barrier. However, further downside pressure could send the price to test the recent low of $0.00001708. In brief, the outlook for SHIB/USD remains in a range.

SHIB/USD 4-Hour Chart: Ranging

SHIB/USD 4-Hour Chart

SHIB/USD recently experienced a sharp dip in the four-hour chart, crossing beneath both its moving average (MA 50). However, the pair managed to partially bounce back after finding significant support at the $0.00001708 into the $0.00001850 key support level. The ongoing rebound seems to be in danger if the price remains in the bearish zone.

Nevertheless, the 4-hour relative strength index indicates a sustained rally from recent lows towards its midline 50. Moreover, the price is currently trading well above its oversold zones further endorsing the recovery outlook. For SHIB’s bearish tone to reverse, the price needs to profoundly cross above the $0.00002360 MA 50 region and flip the key barrier at $0.00002510.

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