Price Analysis

Shiba INU(SHIB) in Top 15, This is When it May Enter the Top 10 Defying Dogecoin (DOGE)

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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Jun 24, 2022

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Shiba INU(SHIB) price is surging high with an extensive bullish momentum after marking a firm rebound from the lower support. The asset may break through the huge bearish triangle, that is followed for more than 8 months. However, if the current breakdown was just a fakeout, then an inverse price action may drag the price back below $0.00001 again. 

The SHIB price ever since the May crash was hovering within a parallel channel between $0.000012 & $0.00001. However, the recent crash had dragged the price much lower but the asset was able to maintain above the last point of defence at around $0.000055. While the path towards these lower support was pretty fixed, a huge influx of buying volume, propelled the price above the lower support levels. 

Also Read: Bullish & Bearish Case Emerge for Ripple (XRP) Price, Will it Surge to Hit $0.4 or Plunge Back to $0.33?

Currently, the price is attempting to reach the upper trend line aiming to slice through these levels and lay down the path towards the next resistance. But the probability of the asset facing a huge rejection during the month-end emerges. 

shibprice

The SHIB price in the higher time frame is pretty bearish as it is constantly testing lower highs and lows within a descending triangle. On the other hand, the next move is also pretty uncertain as the previous triangle was extended with new levels as the lower support when the price reached the apex of the consolidation. Therefore, if the same pattern repeats, the SHIB price may continue to swing within range-bound levels for a longer time. 

However, some minor points do indicate that the asset could flip hard from the lower support and maintain a firm upswing. Firstly, the volume has surged to some extent that is largely dominated by the bulls. Secondly, the indicators like RSI are heading towards the upper resistance, while MACD is also pretty bullish. 

Also Read: Bitcoin (BTC) Price Primed to Hit $22,500 But Only After Marking the Bottoms at $15,800!

Therefore, despite a clear path toward $0.00001698, Shiba’s (SHIB) price may still face major turbulence along with the current levels around $0.00001. A clear breakthrough above $0.000012 levels may only validate an upswing that may nullify the bearish impact within the bearish triangle. 

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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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