SHIBA Inu (SHIB) price is enjoying attraction from investors on Saturday. SHIB is capitalizing on the fundamental support from the announcement from the world’s first crypto record label, Bigger Entertainment that organized a valentine’s day event to burn Shiba Inu tokens. Normally a burn triggers a supply shortage in the digital currency and supports the bullish perspective for the price.
More upside above $0.000025
On the 4-hour chart, the SHIBA Inu (SHIB) price has retreated from the highs of $0.000032 on January 13. This also coincides with the breach of 200 DMA. Further SHIB tested the 50 DMA tested twice on January 13 and January 17 respectively. But on the second attempt investors could not sustain and give up all the previous gains near the $0.000028 supply zone.
After the fall, SHIB tested the all-time lows near $0.000017 since then SHIBA Inu has been consolidating in the trading range of $0.000019 and $0.000023.
In the recent price movement, SHIBA is now pushing higher with the formation of a green candle and in the process to breach the trading range. The Daily Relative Strength Index (RSI) is approaching the overbought zone.
The momentum indicator advocates the underlying strength in the price. The Bulls could attempt to take out the 200 DMA at $0.000026.
Alternatively, if the price is failed to break the resistance level then it would fall back to the lower levels. And this time a failure to hold the previous lowest level would result in the formation of another lifetime low beyond $0.000018.
