Shiba INU (SHIB) Price Eyes 70% Upswing To Hit the Crucial Resistance in February!

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Price Analysis

The SHIB price jumped nearly 70% jumping from the lows at $0.00002110 to range as high as $0.00003487. However, further the asset began chopping around the narrow ranges in between $0.00002800 and the monthly highs.

However, the Shiba INU price is comfortably trading above the 50-day & 200-day MA levels in the short-term, displaying a bullish trend. And hence ranging high, the asset could gain yet another 50% to attain the immediate resistance levels somewhere around $0.0000500. 

The SHIB price since its peak was finding multiple lower lows and finally cemented to the lower most levels around $0.0000200 for a while. Further after several attempts by the buyers,a  notable uptrend was ignited which propelled the bullish momentum. But very soon an intense selling pressure again dragged the price down. However, despite the negative flip, the price was well supported by the 50-day MA levels that prevented the further decline. 

Currently the SHIB price appears to be right on track to hit the upper targets mentioned above. However, the volume still remains pretty much low and hence a strong uptrend is not able to flourish. Yet the day’s close is expected to be a bullish close that may ignite a notable uptrend in the next couple of days. And hence striking the upper target, Shiba Inu price may hit $0.0000500 levels before the end of February 2022 or by the end of Q1 2022. 

Technical Analysis

The Shiba Inu price in the short time frame is bearish but carries the tendency to flip into a strong bullish trend. The RSI is almost around the middle ranges and very recently has flipped from the bearish trend. And hence a notable uptrend beyond the first target at $0.00003500 may be imminent.

Moreover, MACD is slightly bearish as the buying volume has eased out a little. However, with the trend reversal towards the north, the volume may also tend to accumulate again. 

On the other hand, the ADX which signifies the strength of the rally is no doubt slightly bearish, meaning the rally is getting weakened. But the indicator after following a notable downtrend has flipped the bearish trend with a notable bullish divergence.

Hence indicating a gain in strength of the rally. On the other hand, the volatility indicator ATR indicates the asset being highly volatile and hence currently the SHIB price tends to take huge deviations irrespective of the direction. Therefore may be a pretty risky investment. 

Yet coming to the resistance, the Shiba Inu price needs to achieve the minimum resistance around $0.00003200 in order to close the present day and start the next day trade on a bullish note, Also the bears may still hunt for the opportunity to slash the SHIB price and in that scenario, the plunge may not be below $0.00002500 levels. As could impact the rally by utilizing the whole strength during the recovery and uptrend may turn exhaustive.