Shiba Inu price has slumped down below certain levels and hence leaving space for speculating a downtrend
Some points and indicators suggest the price may be ready to rally with a decent surge to close the weekly trade
Shiba Inu has gained immense attention in the crypto space and looked upon as a tough competition for Dogecoin. However, during most of the pumps and dumps, both correlate with each other. Both rally together and both also plunge together showcasing some sense of parallel price movements.
Currently, Shiba price goes flat trending in a very narrow margin and showcasing a probable downtrend. Yet some of the other factors indicate that the price may face a surge and close the weekly trade on a bullish note.
The Shib price initiated the monthly trade with fresh plunges after surpassing the $0.00001 levels. The volume was decent with more buying rather than selling and hence raised with minimum efforts.
However, the spike was short-lived and after consolidating for a couple of days, the price witnessed a fresh slump miserably. No doubt the recovery initiated in the past trading day, yet was not an intensified one.
Yet if the trading volume is considered, it appears to have swelled. No doubt the selling volume is more than the buying, yet it shows the increased activity on the platform. Hence may create extreme volatility in the coming days.
Growing Social Activity
Shiba Inu despite a downtrend managed to be among the trending cryptocurrencies. The coin remained the most searched on Coinmarket cap. Moreover, it made its place among the top 10 crypto assets with the most price estimates.
As per the estimates submitted, Shiba Inu price may hit $0.00001143 with a jump of 57.5% by the end of June 2021. The Shiba Inu received the second most estimates after Bitcoin which may swell above $42,000.
Collectively, the entire crypto space rally has been hindered currently with a pullback, maybe only for a short period. Shiba Inu price might propel after completing the current consolidation phase. Therefore the SHIB price may eventually close the weekly trade on a bullish note.