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.
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