Price Analysis

Shiba Inu Price Appears To Be Stagnant, Will ShibArmy Reverse The Trend?

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Highlights

    Shiba Inu price yet again slipped to the crucial support levels and consolidating well in order to jump with a large margin

    The price could bounce back before knocking the support levels as yet another shift of momentum may be on the cards

Shiba Army is gearing up to a huge extent as there are no considerable changes witnessed with the Shiba Inu price. The SHIB price, however, successfully broke the downtrend, yet initiated to trend within a parallel channel. After an extended consolidation. Yet the price could break the channels to hit the immediate resistance levels above $0.00000700. 

As mentioned, the price which was on the verge to smash $0.00001 collapsed and shed the gains to hit the support levels at $0.00000571. However, a couple of strong bullish candles prevent the price to slip further. But unfortunately, the price initiated with yet another consolidation but this time, a parallel one. 

Also Read: Reports Claim Dogecoin and Shiba Inu Drove the Market Crazy in Q2! Chris Larsen Warns DOGE Investors!

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Shiba Inu after having a fake-out yet trended within the parallel channel. After hitting the bottom levels, the price uplifted but failed to hit the upper levels. It was speculated that the price could push itself towards the north but a fresh plunge dragged the price close to the crucial zone mentioned in the chart. 

The fresh plunge could be an outcome of Binance Exchange halting the futures and derivatives trading. However, the Shiba Inu price is currently attempting hard to remain within the parallel channel and flip the bearish divergence. And with the successful attempt, the SHIB price could eventually reduce a zero in its price very soon.

Also Read: Did Binance Really Add 75 Trillion Shiba Inu Coin? If So, Why Is Shiba Price Still Stagnant? Is Shiba Inu Dead?

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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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