SHIBA Inu (SHIB) price has shown some impressive gains after week-long consolidation. The rally is now facing some strong resistance near higher levels. As of writing, SHIB/USD is trading at $0.000031, up 1.42% with a 24-hour trading volume at $2.95 billion.
- SHIBA (Inu) SHIB price remains range-bound on Wednesday.
- The price face multiple rejections near $0.000035.
- SHIBA gained more than 40% over the last week.
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Shiba Inu looks for impressive gains
Shiba Inu’s (SHIB) price has lost 60% in value from the highs made on November 30. They tested all lows in January at $0.000016. Investors find some buying opportunity near the demand zone, the price surged more than 70% over the past week. This also marks the break out of a nearly two-week consolidation range. The metaverse coin echoed the overall recovery in the crypto market.
However, the current run-up seems to be limited near the descending trend line from the mentioned high level. Investors can expect SHIB price to enter another consolidation zone and probably would retest the weekly support level at $0.000022. This also coincides with the testing of 20 DMA. If Shiba Inu price manages to break above the bearish trend line, there is a higher probability that the current rally will continue.
Supporting the possibility of the extension of the Daily Relative Strength Index (RSI) is trading at 62. Another momentum oscillator the Moving Average Convergence Divergence (MACD) has breached above the midline further advocating the current upside movement.
Now if SHIB buyers are able to close above the downward line then it will have the potential to recoup the $0.000040 horizontal resistance level.
On the flip side, if SHIB price smashes through the $0.000028, it will trigger another round of selling toward the support level of $0.000023.