The price of the Shiba Inu coin (SHIB-USD) is still holding strong in the ongoing pullback in cryptocurrencies. Nevertheless, the bulls seem to be exhausted after orchestrating a 90% rally in January. SHIB price has also failed to reclaim any key level but still kept its uptrend intact.
How High Can Shiba Inu Go?
SHIBUSD pair has been in an uptrend since the start of the year. The price is 62% up from its December low. However, the price is facing huge resistance from the $0.00001500 level and has faced rejection. On Monday, Shiba Inu coin price slid by 1.25% during the London session.
A major reason behind this bearishness is the prevailing risk-off approach in the market in as inflation keeps rising. Bitcoin price is also down 0.7% since yesterday. It won’t be logical to expect sudden fireworks as the next FOMC meeting can increase rates by 50 basis points. You can buy Shiba Inu by signing up on the Binance exchange.
There is a key level in Shiba Inu price that can act as a line in the sand in the coming days. If the price stays above this level, then bulls can aim for more upside in the coming days. The $0.00001812 level can become a reality if the price breaks above $0.00001500 soon.
Shiba Inu Coin Price Forecast
Our SHIBUSD forecast can flip very bullish if the price closes a day above October highs. However, for a bigger bullish reversal, the price still needs to close a week above the $0.00001812 level. This level will be tough to break in 2023 as the increasing interest rates will put high selling pressure on cryptocurrencies.
As long as the Shiba Inu coin price stays above $0.00001086, holders have nothing to worry about. However, a breakdown below this level will be light outs for bulls as this will break the uptrend. In such an event, the price can tank to the December low of $0.0000792. Therefore, bulls must hold this level to keep the uptrend intact.
On a lower timeframe, I expect SHIB to keep trading sideways until the March FOMC meeting. It is better to wait for a breakout or breakdown than jump in at current prices. Another line in the sand could be the 200-day moving average, which currently lies at $0.00001096. If Shiba Inu price loses a day below 200-day MA, then all the bullish thesis will be out of the window.