Shiba Inu price is retesting a broad support area consolidation of three key factors. Analysts are assessing critical resistance levels where a possible upside reaction will be mixed.
Shiba Inu prices aim for new high
After surging 75% between February 4 and 7, the Shiba Inu price retraced 18%. The initial increase formed a demand zone stretching from $0.0000270 to $0.0000288 before breaking above $0.000352. Shiba Inu price is retesting this demand zone as investors continue to post profits. The 50-day SMA and the 200-day SMA, which equates to around $0.00002700, are in the demand zone. The demand zone also has a weekly basis at $0.000283 which makes the convergence of several support levels to $0.00000270 a formidable hurdle. As a result, if the Shiba price breaks out of this range, the 16% rise will be the first target of the bulls to retest the 100-day SMA at $0.0000333, according to analyst Akash Girimath.
Although Shiba Inu price appears to be holding up well, an increase in selling pressure pulling SHIB to a four-hour candlestick below $0.0000270 would result in a lower bottom (LL) and invalidate the bullish thesis. This move will allow SHIB bears to drop the meme token to $0.0000233 and close the fair value gap that currently exists between $0.0000270 and $0.0000233. If buyers rally around this level, a reversal on the Shiba side looks likely.
Latest news from Shiba
As we reported as Somanews, a staking initiative called “High-Yield Center” supported by Binance announced that it has added the SHIB token to earn up to 104.62 percent annual returns. Binance shared that staking pools have recently started and the service basis will be “first come, first served”.
Apart from that, Shiba (SHIB) transactions over $100,000 rose 47%, according to data provided by IntoTheBlock. Increases in the volume of large transactions indicate increased activity among whales buying or selling.