Price Analysis

Shiba INU Price May Easily Hit $0.00006, While Some Levels May Act as a Strong Barrier!

Author: Sahana Vibhute

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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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Highlights
  • Shiba INU price after a huge spike is facing slight exhaustion, probably due to the short squeeze

  • Despite the pullback, the asset appears to be primed to continue ranging high towards the immediate and crucial resistance

Shiba INU triggered an explosive upswing that may ignite another explosive breakout in the upcoming days. The SHIB price again respected the lower support around $0.00002 but woefully faced a rejection close to $0.00003 levels. Despite the SHIB price is trembling to some extent, the asset displays a strong tendency to range beyond $0.00005 with the next leg up. 

The popular memecoin maintained a significant accumulation and ranged from strong support to $0.00002500 levels. After gaining nearly 12% in its value, the asset quickly dropped may be due to long liquidations. The price sustained hard above $0.000026 levels and flipped multiple times. The price appears a little uncertain in the lower time frame, but in the higher time frame, the possibility of a massive bull run is high. 

Read More: Bitcoin All Set To Hit $50K, These Altcoins May Be the Best Bet in Q2 2022!

The SHIB price after the decent rebound is struggling hard to reach $0.00003 levels as $0.000027 acts as a barrier. A couple of rejections since the beginning of the month do raise some concerns. But the asset is well positioned and could reach the immediate resistance levels at the lower trend line very soon. Once the asset manages to achieve the levels around $0.00004565, then the strong resistance at $0.00004784 may not be too far. 

Hence after chasing through these barriers, the SHIB price could be primed to retest the crucial resistance at $0.0000600 in the upcoming quarter. The asset may be at the foothill of a parabolic recovery which may en-up reaching the levels around the ATH. Moreover, the upcoming announcements and the network upgrades on Shibaverse may have a deep impact on the SHIB price. 

Also Read: Cardano (ADA), Ziliqa (ZIL) & Decentraland (MANA) To Surge 30% Soon ! Here are the levels to Watch

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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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