Price Analysis

Shiba INU (SHIB) Price Surged More Than 23% since the Listing! Can it be a Good Long Term Investment?

Written by: Sahana Vibhute

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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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Apr 13, 2022

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Highlights

    Shiba INU surged with double-digit gains in tha past few hours and woefully faced rejection as it smashed $0.00003 price ranges

    Despite a clear uptrend appears to have stabilized, the possibilities of the asset sustaining the uptrend in the long term are very low

The crypto space appears to have felt a sigh of relief as the markets are stabilizing slowly yet steadily. While some of the cryptos are struggling hard, many of them appear to have followed the SHIB price rally as Bitcoin and Ethereum are currently painted in green. Despite the popular memecoin appears to have ignited a significant rise, it may remain a short-lived one. 

Despite a huge pump, the SHIB price is expected to squeeze all the gains soon. As the star crypto, Bitcoin may be on the verge of withness a shaky trend ahead. And hence SHIB price may also lose the bullish momentum as it is currently struggling to test and clear the $0.00002750 resistance levels. And hence as per a popular analyst, Shiba INU may not be a good pick for the long term.

On the contrary, despite uncertain predictions, still the possibility of the Dogecoin killer surging with soaring number surfaces. The SHIB price in the past 24 hours surged more than 25% and further witnessed a rejection followed by a minor consolidation. And hence the price is now trending within a bullish flag aiming to retest the upper resistance at the earliest. 

  • The SHIB price is currently consolidating within the crucial resistance and support levels between $0.00002545 and $0.00002750
  • The asset is further expected to break through the bullish flag and range high, slicing through the pennant
  • With the jump, the asset is expected to barge in through the immediate resistance and test the crucial target at $0.00003 initially
  • On the contrary, the price is expected to plunge after hard-hitting the upper resistance due to some minor exhaustion

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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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