Shiba Inu Price Prediction: Bulls setting up for a retest of the monthly high
- Shiba Inu price is trading rangebound after a 3% gain on February 17.
- SHIB could aim for a retest of the February high at $0.00001573.
- A breach below the recent swing low at $0.00001323 would invalidate the bullish thesis.
Shiba Inu price is showing optimistic signals during the third trading weekend of February. Key levels have been defined to assess SHIB’s next potential move.
Shiba Inu price setting up for a spike
Shiba Inu price is going through a consolidation phase after experiencing a 3% gain on February 17. The recent price movement is enticing traders to join the market, as the price has been able to hurdle the 8-day exponential moving average and 21-day simple moving average.
Shiba Inu price is currently trading at $0.00001324. The recent price jump, along with the Relative Strength Index (RSI), is compounding the bullish notion. The ascending support levels from $0.00001200 to the current price level are flatlined on the RSI near the midway point, suggesting underlying bullish strength is absorbing sell-offs.
Considering these factors, Shiba Inu price could be setting up for a retest of the February high at $0.0001573, resulting in a potential 19% increase.
SHIB/USDT 1-Day Chart
A breach below the recent swing low at $0.00001323 would invalidate the bullish thesis. In this scenario, the SHIB price could drop to the support levels around $0.00001200, a 9% decrease from SHIB's current market value.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
