Altcoins

Shiba INU Price Appears to be Ready to Break the Resistance Finally, How High Will It Rally?

Written by: Sahana Vibhute

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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Dec 22, 2021

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Highlights

    SHIB price is all set to rally high and may also hit the levels close to the ATH yet initially, some mandatory levels are required to be tested

    The asset appears to be poised to hit new highs following some specific targets while reaching out towards the levels around the ATH

The Shiba INU price from the past month is swinging within narrow ranges and was looking out for a great opportunity to retest the higher highs. As the crypto space is gearing up slowly, nullifying the bearish divergence, SHIB price is also accumulating strength to go parabolic in the coming days. Yet the asset is expected to reach new highs somewhere around its ATH above $0.00008000.

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SHIB price was following a notable downtrend ever since the asset smashed its ATH and trended within a descending triangle. Currently, the asset is consolidating within narrow ranges, yet since the early trading day, a notable flip from the bears is recorded. However, the asset’s uptrend may not be fully confirmed as some mandatory levels are required to test & clear. However, one of the popular analysts believes the SHIB price to hit the highs above $0.0000700 slicing through the lower levels. 

shibchart

As per the chart posted by the analyst, the SHIB price is hovering along with the lower support levels from the past couple of days. Moreover, the asset is currently trending within a falling wedge, where it had to reach the apex of the pattern. The analyst also mentions some price targets the asset may attain in order to form new highs. Initially at $0.00003665, later at $0.00004919, next at $0.00006450 and finally at $0.00007869. 

However, the crypto space still depends on the most dominant crypto, Bitcoin and its price trend impact the other assets in the crypto space. And hence if the BTC price strengthens a little, the other altcoins may also build in some bullish momentum. Therefore, the sideway trend of ShibaINU (SHIB) price may continue for some more time and finally may go on to form a new ATH very soon. 

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Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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