Shiba INU price retraces well, bounces from the support levels and consolidates within an ascending channel
The price is expected to rally with a huge margin and also may trade close to its highest levels soon
Shiba INU price gained much attention from a large chunk of traders in recent times that led the price to rise like a giant. However, the price also faced a significant drop as Ethereum co-founder dumped a large amount of SHIB tokens for a good cause.
Nevertheless, the price did not leave its bullish momentum and eventually traded above $0.00001 levels. Woefully, the market slashed following the bitcoin priceplunge which dragged the SHIB price close to $0.000006 levels.
Considering the indicators, the RSI appears to trend within the descent levels without being overbought or oversold. Hence, the price is consolidating heavily from the past couple of days within a narrow range. Therefore a significant uptrend may be fast approaching.
Currently, the SHIB price is trending around $0.00000991 zone and expected to rally high in coming days. According to an analyst, RESEARCH 24/7, Shiba INU price may rally more than 23% and retest the upper barriers at $0.0000117.
Despite a notable dip in the trading volume, the SHIB market capitalization swells nearly 9% to mark above $3 billion. With the price falling to the lower levels, many speculated the end of Shiba INU price. However, the quick rebound kept the hopes alive of a healthy bull run.