Shiba Inu’s price witnessed some consolidation in the previous week, the altcoin mirrored the same price action on Monday. SHIB bulls catch their breath before aiming higher as the price has already taken support above the reliable support level.
- Shiba Inu’s price has been consolidating for the past few sessions.
- Expect an ascent of 40% from the current levels as SHIB targets $0.000040.
- A break below the 50-day SMA would reverse the bullish outlook.
As of writing, SHIB/USD is trading at $0.000030, up 1% for the day. The 24-hour trading volume stands at $2,403,229,443 with 64% of gains.
As per the recent tweet by @WhaleStatsBSC reported that the top BNB whale has made an acquisition of 139,929,254,883 Shiba Inu. Furthermore, SHIB has topped as the number one purchased coin for the 1,000 largest investors in BSC-based cryptocurrencies.
SHIBA Inu looks for gains on the daily chart
On the daily chart, SHIB has depreciated nearly 80% from the all-time highs made on November 28. The altcoin consolidates near the $0.000020 support zone that resulting in an upswing of more than 60%.
Investors now taking a step back to reinforce the strength to break above the swing highs of $0.000035. In the pursuit of higher price action, SHIB can test the descending trend line that extends from the highs of November highs. This would also mark the meeting of the crucial 50-day Simple Moving Average (SMA) at $0.000025.
A renewed buying pressure would force SHIB to jump toward the psychological $0.000040 level.
On the other hand, a lack of conviction among investors could pull the investors below the significant bearish slopping line. The interim lower target is placed at the January lows of $0.000017.
Technical Indicators:
RSI: The Relative Strength Index (RSI) trades at 47 with a bullish bias indicating intact bullish sentiment.
MACD: The Moving Average Convergence Divergence (MACD) also keeps its head up above the midline.
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