Price Analysis

Shiba Inu Price Testing Lower Highs, Is It The Time To Buy SHIB?

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Highlights

    Shiba Inu price breaks the consolidation to rising a level up forecasting a huge tendency to reach higher levels in coming days

    A decisive e phase above certain levels may push the price above $0.00000870 levels very soon

The most popular meme token, often tagged as Dogecoin killer, Shiba Inu price appears to have absorbed bullish momentum. The asset is on the verge of testing the resistance levels yet another time. However, the SHIB price got rejected multiple times at the levels around $0.00001 converting it as a strong resistance zone. 

Currently, SHIB price is on a chasing phase by rejecting further dip. And hence signalling the bulls to increase their activity to uplift the price further. The price has already surged more than 58% since the crash and initially had jumped more than 21000% during the April Crypto Boom. 

Also Read: Did Elon Musk Just Shill “DogeKiller” Shiba Inu! SHIB Price Surges 11%

shibchart

The price in order to regain the positions needs to break the resistance zone between $0.00000980 to $0.00001104. However, a slight pullback may also be anticipated before heading towards these zones. Yet the bullish momentum could be still intact and may test higher highs very soon.

Moreover, the 62% Fibonacci retracement levels are around $0.00000954 and a successful uptick from the $0.00000860 may lead the price to the Fibonacci levels. On the other hand, the RSI trends within the overbought region and reflects a bullish run awaiting ahead 

Shiba Inu may not be the leading meme token, but many things are all set to change. Just like the Dogecoin logo was featured on the NASCAR Xfinity Series, the SHIB community is also looking to have the same. Overall, the Shiba Inu price currently trends within a small margin. And a quick jump above the resistance levels may uplift the Shiba inu price to new levels.

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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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