Shiba Inu Traders Keep Waiting for Follow-Up Rally

Shiba Inu gained strong upside momentum at the beginning of February and quickly moved from the $0.000021 level to the $0.000035 level. However, it failed to gain additional momentum and stabilized near $0.000030, leaving traders in doubt whether the rally will be continued.

Shiba Inu Needs More Upside Catalysts, and the Coin’s Team Knows This

Shiba Inu’s move into Metaverse and the recent news about the Shiba Inu-themed restaurant have clearly provided some support to the dog coin, but it needs more catalysts to move higher.

A Robinhood listing may have served as such a catalyst, but the popular broker will likely wait for the outcome of SEC v. Ripple before listing Shiba Inu or other coins as it is worried that they may be viewed as unregistered securities by the SEC.

A new listing would have provided additional support to Shiba Inu, but it remains to be seen whether Robinhood or other major players are ready to list the coin. Without a material catalyst, Shiba Inu will remain in the hands of general market sentiment and trade in line with other leading coins.

Consolidation Period May End Soon

Shiba Inu has recently made an attempt to get to the test of the resistance level near $0.000033, but failed to develop sufficient upside momentum and pulled back.

The nearest material support level for Shiba Inu is located at $0.00002950. A move below this level will push Shiba Inu towards the next support level at the 50 EMA at $0.00002860. In case Shiba Inu declines below the 50 EMA, it will head towards the next support level at the 20 EMA at $0.00002790.

On the upside, Shiba Inu needs to settle above the resistance at $0.00003230 to have a chance to gain upside momentum in the near term. The next resistance level for Shiba Inu is located at $0.00003390. If Shiba Inu manages to settle above this level, it will head towards the next resistance near the recent highs at $0.00003550.