After a 26% increase since Jan. 10, the price of meme coin Shiba Inu (SHIB) trades near a key level. A break above the January high of $0.000033 can set up the next upside at $0.000035.
- Shiba Inu continues to capitalize on the previous session’s gains.
- The Shiba Inu dog-based meme token is up 17% from the previous session.
- The momentum oscillator clings to the overbought zone giving a warning to strong bids.
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The move was largely sponsored by a tweet, which said that “Shiba Inu Robinhood listings are supposed to arrive in February at the earliest.” ZeroHedge shared on social networks. However, Robinhood did not comment on the tweet.
On the 4-hour chart, the price is facing stiff resistance near 0.000033 while forming a double top. The meme fell after testing the mentioned level on January 13th but soon recovered back to its former level. Hence, making it an important level to trade. The uptrend line from the 0.000026 low made on January 10 acts as a support for the bulls.
Moving on to the technical setup, the daily Relative Strength Index (RSI) retreated from 69.0 and now stands at 60. Furthermore, the MACD (Moving Average Convergence Divergence) trades above the line. middle, indicates the strength inherent in the double.
The Volume Oscillator also supports the bullish argument for the meme. Price is struggling near the 100-day EMA (Exponential Moving Average). Acceptance above the 200 EMA will see the bulls take the next 0.000035 level.
While looking at the other side of the coin, a break of the ascending trendline will drag the price below the 20 and 50 EMA, which may upset the buyers.