Price Analysis

Shiba Inu In A Conclusive Phase After a Gigantic Rally, Will SHIB Price Break the Barrier And Surge 25%?

Written by: Sahana Vibhute

Written by right arrow

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.

  • author facebook
  • author twitter
  • linkedin

Feb 9, 2022

news-image
Highlights

    Shiba Inu price halts the uptrend and consolidates heavily within the supply zone ranging in between $0.0000250 to $0.0000320

    The memecoin is in a decisive phase where in the possibilities of ranging in either of the directions

The Shiba Inu price is witnessing impressive gains for the past couple of days while the possibilities of ranging high were almost negligible. However, the meme coin managed to withstand the hurdle and is currently hovering above the gained levels without facing a plunge.

The upcoming forecast remains extremely uncertain as the SHIB price is hovering around crucial levels which are pretty decisive. 

The SHIB price surged more than 70% in the past 3 to 4 days and smashed an important demand zone. While it was evident that the asset is losing its grip over the rally, as an outcome of the Bitcoin price rally which spiked above $45K.

The asset, however, is expected to hover around the strong supply zone for some more time before deciding the next leg. 

With the rise, the SHIB price smashed the crucial supply zone, where a notable influx of liquidity was pretty much expected. Yet the asset began to consolidate within the current levels and waiting for the next push.

The price remains within the current levels refusing to plunge to the lower levels, clearly indicating the tendency to maintain its rally towards the north. However, in the worst cases, the asset may plunge to the local support around $0.0000280 before flipping towards the important resistance. 

On the other hand, the Shiba INU witnessed a heavy surge in the daily active address from more than 5800 to as high as above $10,700. The huge spike in address clearly indicates the rise in the interest of the investors.

Also, the platform witnessed a spike in the number of large transactions. Despite the indicators being pretty bullish, the possibilities of a bearish trend may not be completely eliminated. And hence in such a case, the possibilities of the asset plunging below $0.0000200 may be imminent.  

Show More

Was this writing helpful?

dislikeimage No myImage Yes

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