Price Analysis

Shiba Inu Price Loses Bullish Momentum, Will It Dip Below $0.000008 levels?

Highlights

    Shiba Inu after manifesting a strong tendency to kill a zero in its price has flipped into bearish divergence with the start of the week’s trade

    The downtrend if not held at the strong support levels is feared to lose its grip over the rally and revisit the $0.000007 zone

Shiba Inu price initiated the day’s trade with a downtrend as it slipped below the 50-day MA levels. These were acting as strong support levels. After smashing these levels a couple of days before, the price held it as support levels. However, it appears that the Asian trade may have extracted the profit as the downtrend initiated at the beginning of the trading day.

The price is currently trending within crucial levels as an extended downtrend may decline the price towards the supports levels around $0.00000805. Interestingly, the close fight between the bulls and the bears aggravates in the consecutive third hour of plunge. As the selling pressure is easing to a large extent, which also signals the entry of the bulls at the dip.

Also Read: Shiba Inu Coin Wants to Ditch Its Meme Coin Status for the Good! Will SHIB Price Ever Hit $1?

shibprice

On the other hand, the trading volume has also depleted considerably and thus the further dip might be shaky. But until the green candle appears the flip from the bearish trend cannot be validated. Moreover, the price appears to have been consolidated after a massive jump at the end of June. 

The constant consolidation in the upper zone of the parallel channel may boost the price to pull a massive leg-up. At this time, the bulls entering the space and uplifting the Shiba Inu price is mandatory. And in the due course, the SHIB price may reach the unaltered target above $0.00001 very soon.

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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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