Price Analysis

These Factors May Trigger Shiba INU(SHIB) Price to Reach $0.000017 before the End of 2022

Author: Qadir AK

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Author

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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Highlights
  • Shiba INU price which is stuck in a declining trend from more than a month is feared to hit the base below $0.00001 that may get extended below $0.000008 in the coming days

  • Neverthless, the bearish thesis may be invalidated if a rebound is initiated below reaching the lows, but it could be a short-lived one to trap the bears

The Shiba INU price is appearing to be extremely bullish in the near future, but also carries the possibility of an interim plunge to its lows. Meanwhile, the bulls appear to be pre-determined in pushing the price higher in the coming days. However, the prices, at present flashes no major attempt at recovery & hence the asset appears to be preparing for the interim plunge. 

After settling up an immediate high around &0.0000179 in mid of August 14, SHIB price further continued to form consequent lower highs & lower lows, indicating the persistence of the bearish trend. 

The popular meme coin which is trading around $0.00001 for quite a long time faced rejection in an attempt to go beyond these levels. Therefore, these levels are presently acting as a strong support level, from where the SHIB price may get triggered for a fine upswing. 

Currently, the SHIB trade setup displays a couple of lower targets to be reached in the next couple of weeks. Meanwhile, both the lower targets at $0.00000908 & $0.00000959 could eventually trigger the price toward the upper targets above $0.000017. Once the SHIB price surpassed these levels the market participants may expect liquidity may rest above these levels which may enable the bears to extract some profits.

Therefore, after a slight pullback, the rally may continue to rise forward. On the other hand, if the SHIB price fails to bounce it may further test the lower support below $0.000008 and reach $0.0000077. Hence buyers are expected here to step in and uplift the price beyond $0.00001. Moreover, if the bearish thesis prevails further, a steep drop may compel the price to test $0.000006 too.

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Delma Wilson

Delma is a B2B Content Marketer, Consultant, Blogger in the field of Blockchain, and Cryptocurrency. In her spare time, she loves to blog, play badminton and watch out ted talks. She likes pets and shares her free time with NGO.

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