Price Analysis

No Big Upswing for Shiba INU For Now, Will SHIB Price Consolidate Throughout Q2 2022?

Author: Sahana Vibhute

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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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Highlights
  • Shiba INU price is experiencing extreme difficulty each time it attempts to break through the consolidation and hence the strength of the rally appears to have ruptured a little

  • The SHIB price is expected to consolidate within the accumulation zone for some more time below $0.000032 for a couple of months from where it may reignite a 10x rally

The Shiba INU price is consolidating within the same accumulation zone, it consolidated before the monstrous rally in Q4 2021. The price remained within this phase for a few days and surged extremely high to hit the ATH at $0.00008854. Therefore, the extended consolidation within the same levels may lead to another gigantic rally in an upcoming couple of months. 

SHIB’s price is currently 80% below the ATH levels. Despite possessing an extreme bearish trend the possibilities of a strong rebound are fewer. Each attempt to go parabolic is challenged by the bears which compel the price to maintain within the consolidated range. Hence, the current squeezed swing within the narrow ranges may continue for some more time. Mainly, until the price rally accumulates significant strength. 

Also Read: NEAR, SOL, AVAX, & ALPHA Price Poised For 50% Rally This Week! Here Are Levels To Watch

  • SHIB Price is consolidating within the same zone between $0.000019 and $0.000032 that it held before the massive breakout in Q4 2021
  • Ever since the price slipped back to the zone, the asset is consolidating very healthily and due to the weakened strength may continue for some more time
  • As the price accumulates enough strength it may undergo a steep upswing towards the ATH to mirror the previous breakout
  • The resistance at $0.00003236 is extremely important as the asset experienced a trend reversal multiple times at these levels. Moreover, the price after the rejection during the first few days of February has failed to test these levels again. 
  • Therefore, unless and until these levels are tested and cleared, no big price movement may be expected for the SHIB price. 

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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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