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Shiba INU(SHIB) Price Closer for a 16% Upswing This Week! Are the Bulls Back in Action?

Author: Qadir AK

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Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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After nearly a week of an extremely bearish market, the SHIB prices rebounded and began a trade within an ascending parallel channel. The bulls are attempting to raise the prices, but the question still remains, whether the prices sustain above the gained levels or not.

The Shiba Inu price variations triggered the formation of an ascending parallel channel, and a significant price reduction was noticed about two weeks ago. The price contacted the lower trend line of the parallel channel, that led to a decline at the $0.00000992 support level. 

While a notable upswing was recorded to the resistance level at $0.00001190, but  the prices crashed back to the parallel channel’s lower trend line. The bulls took control and propelled the prices up by 20% later.

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Unfortunately, the bears jumped back in action & successfully pushed the SHIB prices down through a crucial resistance where the prices consolidated for more than a week. However, the bulls regained momentum and drove the prices to the current price of $0.00001127.

The significant resistance level at $0.00001190 may act as a barrier to additional price increases, and a breakout at this level may push Shiba INU(SHIB) prices up towards the trend line. Breaking through the top trend line could drive prices rocketing towards the nearest resistance at $0.00001306 and beyond, leading to bullish price action.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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