Price Analysis

Shiba Inu Price Looking Fragile Now, A Strong Bounce Is Need Of The Moment

Highlights

    Shiba Inu price dipped drastically since the last trading day and dropped below $0.000008 levels

    The price yet again initiated with a consolidation, without a strong rebound, forming lower highs

Shiba Inu price in the recent past has experienced extreme dips with big and consecutive red candles. Further to the plunge, the SHIB price enters a passive consolidation zone with fewer variations, diminishing the upper resistance levels. No doubt it will attempt hard to recover the lost positions, but a strong boost could kill a zero in the price.

The SHIB price closed the previous month trade on a bearish note. But despite a bullish start, could not regain its lost position above $0.000009. And since then each time the price tries to pull a leg up, the bears drag the price to a large extent. The price experienced a downtrend nearly more than 3 times since the start of this month. However, the current one was huge that drained nearly 12.5% of the price. 

Also Read: Dogecoin Can Be One Of The World’s Most Used Currencies Soon!

shibplunge

As in the chart, the recovery does not match the amount of price drop and hence forming lower highs is only the option left. On the other hand, the trading volume has also depleted nearly 26%. But the increase in buying may give a sigh of relief to the ShibArmy. This is when the buyers may enter the ring to buy at the dip.

However, despite all the odds, the Shiba Inu price still remains on the list of top trending coins with an increased social volume. The SHIB price rejected to remain below $0.000008 for a long time and quickly recovered above the levels. No doubt, the uptrend was initiated very soon, yet a massive boost is required to mirror the 28th June jump.

Also Read: Bearish Trend Haunts Cardano Price, The Plunge May Drag Price Below $1!

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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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