Recovery in the global crypto market remains elusive despite a broader dollar weakness. Bitcoin remains flat near $22,800, while Ethereum lost nearly 1% below $1,650
Shiba Inu (SHIB) price analysis remains neutral for today. The price opened higher but could not sustain the gains. After hitting the high of $0.00001220, the price retraced lower. At the time of writing, the SHIB price is reading at $0.00001206 for the day. The 24-hour trading volume of the 13th largest coin by market cap stands at $390,912,433, up 32.14% per Coinmarketcap.
Shiba Inu registered gains of more than 40% since the beginning of 2023. There are a few fundamental reasons behind the recent growth. One of them is the announcement of the launch of Shibarium, a layer 2 blockchain solution on January 6. Further, on January 18, Upbit, South Korea’s largest cryptocurrency exchange announced the listing of Shiba Inu against the Korean Won.
In addition to that, a tweet by Ali Needazar showed that an anonymous user bought 848,776,937 SHIB meme coins, paying minutely above $9.2 million for them. And, the most giant whales on the Ethereum chain store over 50.5 trillion Shiba Inu in their wallets.
Despite whale’s activity SHIB failed to sustain gains
From the technical perspective, on the 4-hour chart, the SHIB Inu price is in an uptrend from the low of $0.00000804 made on December 29. A Symmetrical triangle formation near the higher level indicates a breakout either upside or downside in the near term
The 4-hour RSI reads at 58 but below the average line. Another momentum oscillator, the MACD holds above the midline but with a bearish momentum.
Further, the price hovers near the 21-day Exponential Moving Average (EMA). Sustained selling pressure could breach the moving average and the price could dive toward $0.00001106.
On the upper side, the first target could be the previous day’s high of $0.00001250.