Shiba Inu price had showcased a nail-biting price movement in the past couple of days by plunging to the lowest levels.
The descending channel was broken successfully and the fresh uptrend pointed out towards the resumption of the bull run
Shiba Inu price is one of the most trendings in the crypto space. It gained much traction and expanded its user base with some notable numbers of let. However, in the past couple of days, the SHIB price had lost its grip over the bull run and flipped into bearish divergence.
Many looked for the price to plunge to lower levels, yet a fresh surge indicated the probable recovery in the short term. The price rebounded well, rejected to go low and accumulated more green candles to trade above $0.00000700.
SHIB price was trending within a descending channel since the first week of June, however, the price rebounded and broke the upper boundary of channel. The surge from the current trading day showcased the strong tendency of the asset to regain the lost positions.
The surge above $0.00000780 levels may be due to the strengthened 50-day MA at $0.0000795. Once SHIB price successfully clears both these levels, then it may fly high above $0.00000820 zones initially. However, the strong levels still reside along with the levels above $0.00001140 and hence, smashing these levels would be imminent.
The point to be noted here with the Shiba Inu price rally is each time the price plunges, yet it stood strong above the Mid-may crash levels. And hence showcased a huge capability to swell towards new highs. Therefore the price which has currently flipped the support levels into resistance levels can propel high testing the upper zones soon.
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