Price Analysis

Volume Depletes Drastically, Yet Shiba Inu Price Aims At 30% Upswing!

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Highlights

    Shiba Inu price continues to consolidate well, rejecting to follow a downward trend, bouncing through the support levels at $0.00000806

    The price currently appears to be poised for a notable upswing, breaking the upper levels of the triangle

Shiba Inu is among the popular tokens which gained immense attention in the past couple of months. The SHIB price had followed a downtrend and testing lower highs for a week. However, the price broke the upper barriers and rallied high and on the verge to test the first level of resistance at $0.00000866.

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The volume in the early trading hours also had depleted drastically above 140%, yet recovered with a huge margin in just couple of hours. The social volume of the asset also rose massively by about 600% and the price also propelled more than 4%. 

Also Read: Shiba Inu Price Aims A 40% Jump! Will SHIB Price Rally Above $0.000011

The Bitcoin price, on the other hand, is also ranging at the moment and its pretty unclear whether the SHIB price follows BTC price. However, the current bullish momentum signifies the price may slice through all the transitional levels to reach the ceiling above $0.00001040.

shib chart

Conversely, if the bearish trend presists by accumulating the selling pressure, then the support levels may be tested. However, the chances of the steep chances appear very low as even during an extreme sell-off, the price may not dump below $0.00000700, considering the present price moveemnts. 

Collectively, the present trading day showcased an extreme bullish momentum, but it’s unclear whether the Shiba Inu price rally will hit the ceiling. A couple of pullbacks may also make their way and eventually hinder the uptrend. Yet an extreme push may initiate with a fresh surge and hence SHIB price may reach $0.00001 soon.

Also Read: What’s Common Between Elon Musk’s Memes & Dogecoin, Well, Infinite Supply!

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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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