Latest PostPrice Analysis

Shiba Inu Price Aims To Break $0.000007 Yet The Bulls Face A Stumbling Block!

news-image
Highlights

    Shiba Inu price yet again follows an acute downtrend and heads close to the support levels close to $0.000006

    Yet a substantial bounce can also make its way out as the price approaches some pivotal levels

Shiba Inu price still trends within the same parallel channel, it started trending a fortnight ago. However, the margin has compressed a little and hence compelling the SHIB price to break out. Yet the bulls seem to have been facing more hindrance in order to flip the bearish divergence. And hence a subsequent dip could be more feasible than the notable recovery.

The SHIB price maintained an acute downtrend after been rejected close to $0.00001 three times, the price initiated a narrow trend. Despite multiple attempts of a breakout following the rumours of Amazon and Robinhood petition, the price failed to break the channel. 

Also Read: London Hard Fork On The Horizon, Will Ethereum Become Deflationary?

shibachart

The price is currently testing the immediate support levels and is also on the verge to break the lower Bolinger Band. If a significant bounce at these levels is not recorded, then the price may again revisit the lower support levels. A smash to $0.00000570 levels may trigger a bounce later. Considering the current price movements, the surge toward the immediate levels at $0.00000700 could be possible. However, the upper limits still remain much distinct. 

This is the time when the bulls gear up and uplift the SHIB price to prevent further plunge. And if done, the probabilities of hitting the immediate resistance levels without revisiting support levels increase. Moreover, the Bollinger bands are getting squeezed at the end. And hence it signals that the price is all set to break the pattern. No doubt the direction of the price cannot be ascertained, but a probable change in the Shiba Inu price pattern may be speculated.

Also Read: BitTorrent(BTT) Price Is All Set To Explode, 30% Upswing Fast Approaching!

Tags
Show More

Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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.

Related Articles

Back to top button
Close
Close