Price Analysis

Shiba Inu Back in Action, Testing Crucial Levels, Will SHIB Price Regain Lost Positions?

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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Jan 27, 2022

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Highlights

    Shiba Inu Coin is undergoing a huge trend reversal as the price is gaining immense bullish momentum to surpass the crucial resistance levels

    The price had dropped below one of the important support levels a couple of days before, which is on the verge to retest and propel high

The crypto space is currently on a huge run as Bitcoin price has surpassed the pivotal levels of $38,000. These were some of the most important levels to achieve and hold. Currently achieved and if held strongly, BTC price may quickly recover most of the losses incurred in the past month. Following the star crypto, many altcoins and meme coins like Shiba Inu(SHIB) are also jumping to get back into the bullish track yet again.

SHIB price was considered dead as the depleting trend suddenly compelled the asset to swing in a mute mode. The shibarmy also remained pretty much distinct for quite a time and currently with a notable surge, the memcoin appears to be back in action. Moreover, the strong uptrend signifies the self-assurance of the asset to pierce through the crucial support line and eliminate the downtrend. 

What’s Next For SHIB Price ?

Currently, SHIB price appears to be in a great position, very close to smashing the lower high and the important resistance levels. The path towards the crucial highs at $0.00005 now appears to be pretty clear as once the asset barges through the immediate resistance, the next levels to clinch would be just above $0.00003300.

Moreover, a slight increase in the volume has been witnessed in the past couple of days. No doubt the selling volume is still pretty much higher, yet the increased volume was pretty much necessary to maintain the asset’s volatility. 

Yet considering the present case scenario, the Shiba Inu price is maintaining a notable uptrend, and also the buying volume has increased a bit. And hence in such a case one can expect a continued uptrend irrespective of whether the asset breaks the upper resistance or not. However, all assumptions and predictions may be invalid if the trend yet again flips and yet again falls into a deep drowning well.

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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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