Price Analysis

Shiba INU Plunging Hard, This is Why You Need to be Still Bullish on SHIB Price In the Upcoming Days!

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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Apr 11, 2022

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Highlights

    Shiba INU price amid the fresh plunge, reduced close to the important levels close to $0.0000200 manifesting a notable bearish trend

    Conversely, the price is expected to settle down at the earliest as the Shibarium Testnet is all set to go live very soon

The crypto market capitalization slid down below the $2 trillion market cap as the star crypto is dropping hard and may lose the $41K levels soon. And hence with the current drop, BTC price is expected to finally visit levels below $38K. Amid the fresh market slash, the Shiba INU (SHIB) price is also expected to slash below $0.00002 very soon. 

The SHIB price was swinging within a squeezing channel which was expected for a decent rebound from the lower support. On the contrary, the price slipped hard from $0.00002742 levels to $0.000026. Further after a brief consolidation, the price yet again slipped below $0.000024 which may continue until the levels at $0.00002 are rejected. 

Also Read: Ethereum May Not Hold $3000 Levels For More time, ETH Price Could Hit These Levels Soon!

The SHIB price is sliding down within the descending parallel channel since the beginning of the current month. Woefully, the price has lost the middle ranges of the channel and swinging close to the lower support. However, the price after a minor consolidation is expected to rebound strongly towards $0.00002400 initially to halt the bearish trend. Yet the asset could reignite the bull run as the Shib INU’s layer-2 solution Shibarium goes live. 

In a recent update, the public testnet of Shibarium, layer 2 scaling solutions for SHIB cryptocurrency is scheduled to go live soon. The public beta is expected to go live in the upcoming few months. Also according to some reports the SHIB burn portal is approaching its final stages. These factors may ignite the Shiba INU (SHIB) price towards the immediate resistance at the earliest nullifying the descending trend. 

Also Read: This is When Cardano(ADA) Price May Finally Break the Consolidation & Surge Beyond $1.5

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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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