Shiba Inu (SHIB) has managed to stage an impressive comeback, gaining 72% since plunging to lows of $0.00001704 on Jan. 22. The price of SHIB drifted sideways for a while as investors and market participants awaited proof that markets were ready to shake off the negative effects of January. However, the price resumed an upward rise on Feb. 3 and has surged more than 45% since then. Presently, SHIB trades at $0.00003250, up 16.45% in the last 24 hours, and ranks 14th largest cryptocurrency according to CoinMarketCap data. The Shiba Inu development team continues to strive for more ways to increase the SHIB utility. According to a recent Twitter update posted by Shibburn, more projects burning Shiba Inu tokens are going to be released soon. As a means to further SHIB acceptance and burn more tokens, Shiba Inu recently announced a partnership with an Italian fast food restaurant called Welly’s.
Key Levels
Resistance Levels: $0.00004491, $0.00004000, $0.00003535
Support Levels: $0.00002700, $0.00002510, $0.00002360
SHIB/USD Daily ChartThe SHIB/USD is testing beyond the January high of $0.00003420. A clear break above that level might lead to more bullish pressure, possibly hitting the $0.00004000 level. Around the $0.00002700, the dog canine token, SHIB found support in the daily demand zone. And that’s a hint that the positive mood in the medium term isn’t going anywhere.
The rebound was sped up by a close above the psychological level of $0.00002500 in the prior session, which encouraged bullish traders. The main resistance is seen at $0.00003535, which was the starting point of the January liquidation. In fact, if it is breached, the run might go on.
SHIB/USD 4-Hour ChartOn the 4-hour chart, SHIB records a sharp spike through the $0.00003000 level to take out the $0.00003400 medium-term resistance before finding a barrier at $0.00003535 high. Risk is now seen for a retest of the short-term moving average (MA 200) around $0.00002525 low after testing January highs around $0.00003420. Key resistance remains at $0.00003535.
At this point in the bullish run-up, a downside correction or consolidation would be expected, though how severe any pullback would remain to be seen as the short term relative strength index (RSI) despite being overbought have yet to show any convincing weakness and the moving averages (MA 50 and MA 200) is still maintaining its positive momentum.
Note: Kryptomoney.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
Image Credit: Shutterstock
Keep in mind that we may receive commissions when you click our links and make purchases. However, this does not impact our reviews and comparisons. We try our best to keep things fair and balanced, in order to help you make the best choice for you.
