Price Analysis

ShibArmy Trying Hard To Break Through The Consolidation, SHIB Price Poised To Roar Soon!

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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Jan 30, 2022

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Highlights

    Shiba Inu price is attempting very hard to rise above the narrow trend as it's pretty close to the crucial levels

    Despite the bullish momentum gearing up, yet some barrier pose risk for the rally and eventually compel to get rejected at crucial levels

With a little stabilization within the crypto prices, the memecoins are also gaining a little bullish momentum. The SHIB price ever since rallied hard towards its highs and fell deep into a deep descending channel. The asset constantly formed lower highs and lows visiting the lower support levels each time. However, the trend reversal might be pre-programmed with the memecoin strengthening its grip over the uptrend.

While many believe Shiba INU to be dead, the asset made its strong presence each time with a notable spike. Regardless of a sudden jump, slow yet steady uptrend is assisting the price to get out of the danger zone. However, no doubt the asset is set in place to achieve higher highs yet one wrong move may destabilize the rally yet again.

Also Read: Bitcoin Back Above $38,000 & Ethereum Above $2600, Yet Traders Are Still Doubtful of The Next Move!

  • The Shiba Inu prices which was trending in a huge descending channel is yet again attempting to breach through the upper resistance levels
  • Previously, the memecoin witnessed a rejection while trying to slice through the upper bands of the channel. While a similar thing may not repeat now
  • The asset may test the immediate resistance at $0.00002507. And hover within the high demand area where-in a decent influx of liquidity is expected
  • Yet the pierce through the resistance needs to be pretty much strong as with the current declining trend in volume may result in another rejection. 
  • Therefore, with a slight increase in the volume, the SHIB price may eventually barge-in through the resistance levels, but the volume may decide the next plot.

Also Read: Cardano Price at Major Support Zone! Will ADA Price Rebound or Plunge below $1?

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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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