Price Analysis

ShibArmy Attempts To Uplift SHIB Price, Is $0.00005 On The Horizon?

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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Nov 30, 2021

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Highlights

    Shiba Inu gets listed on yet another major exchange that fueled the asset price beyond $0.00004000 levels, yet crucial resistance is yet to be teste

    d The popular meme token is on the verge to flip the bearish divergence yet the uptrend could be flipped only after attaining certain levels

The past week and especially the weekend slashed the price of most of the assets to a large extent. Shiba Inu, on the other hand, after a constant downtrend has initiated with a trend reversal. However, the asset still needs to range more towards the north in order to confirm a notable uptrend. Despite a narrow range trend, yet SHIB price could march above close to its highs. 

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In a very fresh update, Shiba Inu gets listed in yet another popular exchange, Kraken. The popular exchange listed the token which initiated a bull run of the asset that uplifted the price above $0.0000400. 

Yet the Shiba Inu’s announcement of entering the metaverse may have assisted the ShibArmy to give the price a major boost. Moreover, also the rounds of hiring one of the largest game developers in the U.S, David Volk has intensified the platform’s Metaverse adoption. 

In an interesting development, the SHIB price attracts a huge number of whales into the platform. And hence according to whalesats, the whale accumulation spiked as high as 42% in the top 1000 Ethereum wallets. 

shibprice
Source:Tradingview

As mentioned in the chart, the SHIB price ever since smashed its highs very close to $0.0000900, the asset has adopted a downtrend. The price appears to have swung within a falling wedge. And the asset is attempting to breach through these levels yet another time. However, the price appears to be pretty much strong than the previous test. And hence if the current test turns out to be successful, then a huge spike may occur as an outcome of a falling wedge. 

Collectively, meme tokens were believed to have inculcated a silent trend yet with the recent flip the Shiba Inu manifest its strength. Moreover, with a successful retracement, the SHIB price may reach its initial target of around $0.0000500 and hit $0.00005631. Further, the asset could experience a slight consolidation and carry one with its bull run yet again. 

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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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