Price Analysis

Perfect Trade Set-Up for Upcoming Shiba INU (SHIB) Price Rally, A Clear Path Towards $0.000028 is Here!

Written by: Sahana Vibhute

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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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May 4, 2022

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Shiba INU in recent times experienced a significant price drop and the descending trend is appearing to be stronger and stronger with each attempt to flip. After a huge liquidation of the long traders who fueled the massive fall, a significant bullish signal may be popped up soon. Moreover, if the start crypto displays some bullish momentum, then SHIB price may reach the desired target very easily. 

The popular memecoin squeezed under the trend line a couple of days before and discovered new lows eventually. Yet, on the other hand, the asset still lags enough strength to break through the descending trend. However, after consolidating horizontally within the narrow ranges, the asset may eventually break out from the descending trend soon. 

Also Read: Does Elon Musk Hold Bored APE? $APE Price Jumps 20% Within A Matter of Time!

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  • The SHIB price trended strongly within a falling wedge and hence possesses a possibility of a significant breakout in the near future
  • However, before breaking above the pattern, the price may drop back again to the same support levels to kick start the bullish trend
  • A breakout from the consolidation may lead towards a significant upswing beyond $0.000023 initially and later may test the crucial levels around $0.00002700
  • Nevertheless, surging beyond these levels may be a tedious job for the asset as the traders appear to have shifted their focus on the other assets in the recent times
  • Hence, a huge influx of liquidity may only prevent Shiba INU(SHIB) price to drain below the crucial support around $0.00002100

Also Read: This is What You Can Expect From the Ripple’s XRP Price In The Next 24 Hours?

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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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