SHIBA Inu (SHIB) price evaporates the initial gains as the U.S. session begins. Wall Street opened mixed as the Ukraine-Russia tension persist. SHIB retreats below the recent highs of $0.000035 while taking support near the critical 50-day Simple Moving Average (SMA).
- SHIBA Inu (SHIB) gains marginally on Friday.
- Expect more gains if the price breaks away from swing highs of $0000.35.
- However, a decisive break below the critical 50 SMA invalidates the bullish thesis.
As of press time, SHIB/USD is trading at $0.000028%, up 1.13%. As per the CoinMarketCap, the 14-larget cryptocurrency by market cap holds 24-hour trading volume at $1,718,703,665, which is nearly 5% down. Now, this is not a good sign for the bullish outlook for the pair.
Shiba Inu struggles below $0.000035
On the daily chart, SHIBA Inu (SHIB) price bounce back from the double lows of $0.000017. This is a critical level to hold as last time when SHIB touched the support zone it peaked at all-time highs of $0.000088 with an ascent of more then 150%.
Now, after consolidation in late January, the price scaled up almost 100% only to face rejection near the multiple-time resistance zone. Investors flipped the critical resistance-cum-support level of $0.000035.
It would be interesting to watch if the bulls can slice above the mentioned level to take out the psychological level of $0.000040. However, it remains a tough nut to track for investors.
On the flip side, a shift in the bullish sentiment SHIB Inu would result in the breaking of the 50-day moving average. The price action might end up in retesting of the demand zone of $0.000020.
Furthermore, a spike in the sell order could drag SHIB toward the lows last seen in September at $0.000008.
Technical Indicators:
RSI: The Daily Relative Strength Index (RSI) flipped below the average line with current reading of 51.
MACD: The Moving Average Convergence Divergence (MACD) holds above the midline with a neutral stance.
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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