Price Analysis

Shiba INU(SHIB) Price Primed for a 15% Upswing, Will it Smash $0.0000300 Today?

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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Feb 23, 2022

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Highlights

    Shiba INU price flipped and undergoing a strong uptrend since the early trading hours that indicated a notable uptrend to continue further

    The asset appears to be pretty confident of the uptrend and may continue to surge high beyond $0.00003000 to mark the day’s close

The most popular memecoin, Shib INU which often claims to be the Dogecoin killer is undergoing massive trend reversal. The price flipped from the downtrend with huge intensity and heading towards the immediate resistance closer to $0.0000300. However, analyzing the strength and the pace of the uptrend, the possibilities of the asset ranging above these levels appear to be fast approaching. 

The SHIB price had spiked massively hitting the monthly highs at $0.00003381 from as low as $0.00002255 in just a couple of days. Woefully, the asset maintained a serious descending trend since then which dragged the price to almost the same levels as before.

Then the price witnessed a quick flip which included a couple of pullbacks too. However, the recent spike offered the price a substantial push. The upcoming trend may be bullish, but the traders also have to keep an eye on the possible correction. 

After rising high, the SHIB price as mentioned slipped towards the lower levels forming a notable bullish pennant. And hence a breakout from the pennant appears to be mandatory which has already ignited since the previous trading day. The price is currently testing the upper resistance of the pennant and if it breaks through the pattern then it may rise beyond $0.00003000 in a very short span of time. However, the upper target of the SHIB price still remains close to $0.00003400.

On the other hand, if in case the SHIB price loses its grip over the uptrend, it may yet again test the support from where it bounced recently. However, the possibilities of a flip towards the bearish trend appear to be pretty few. A huge buying volume has accumulated which may continue to mount despite the sellers trying to drag the price towards the support.

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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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