Shiba Inu’s price has been consolidating near the higher levels from the past few sessions. SHIBA looks directionless after surging almost 70% from the January lows. Investors resting above the 50-day Simple Moving Average (SMA) at $0.000028.
- SHIBA Inu continue to consolidate for the past few sessions.
- The price expects an upside of 42% from the current levels.
- SHIBA dives into Metaverse space plans to auction ‘Shiba lands’.
As of press time, SHIB/USD is trading at $0.000039, up 0.59% for the day. The 24-hour trading volume stands at $17 billion remained unchanged with the current CoinMarketCap ranking of 14.
SHIBA remained largely unfazed by the news of listing on major Brazilian crypto exchange Foxbit on February 16. Furthermore, meme-coin has decided to jump into metaverse space. Developers announced to sell Shiba Land plots for purchase in the metaverse.
SHIBA seeks 40% upside
On the daily chart, Shiba Inu (SHIBA) after consolidation near $0.000020 the price rallied more than 70% since then. Investors are aiming for a 42% ascent to reverse the current long-term downside target.
Next, market participants could take the next leg up toward the horizontal resistance line at $0.00005.
The Daily Relative Strength Index (RSI) reads at 57 with a bullish bias indicating bulls are not ready to give up so easily.
Shiba Inu depreciated more than100% from the all-time highs of $0.000088. The price has been on a constant decline since then, the price just ascend above the 50-day SMA on Monday.
It could test the bearish slopping line and a failure to hold the level will invalidate the bullish theory.
SHIBA bears could dominate the trend if the price slice is below the mentioned SMA. Further, a break of the $0.000028 foothold than the $0.000020 demand zone would once again appear as the immediate support level.
Furthermore, an additional spike in descending price action might see Shiba Inu’s price fall toward the lows last seen in October around $0.000012.