Price Analysis

This is When Shiba INU(SHIB) Price May Hit $0.00003500 to Set Up a Huge Bullish Uptrend!

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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Mar 31, 2022

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Highlights

    Shiba INU's price is undergoing a parabolic recovery despite being rejected during the start of the monthly trade

    However, a spike towards $0.0000300 may induce huge volatility that could prevent a significant plunge ahead

Shiba INU price maintained a significant descending trend ever since the asset achieved the 2022 highs. However, the asset quickly flipped as it reached $0.0000210 levels and ignited a significant uptrend. After brief consolidation at $0.00002400, the price further raised high to test the crucial $0.00002800. Woefully, the asset faced a minor rejection which was followed by a consolidation. Yet some of the levels are extremely important to test in order to maintain a strong uptrend. 

For a pretty long time, the SHIB price traded within a huge descending triangle. Moreover, after displaying a fake breakout, they again plunged to the same levels yet again. Currently, the asset appears to have entered a huge demand zone where-in the resurgence of the bulls makes huge rounds of noise. And hence the price is currently primed to test the $0.00003500 level as its primary target for the next couple of days. 

Also Read: Bullish Trade Set-Up For XRP, Will the Price Reach $3 by the End of Q2 2022?

  • The SHIB price is is currently trading within the high demand zone, wherein a decent amount of volume is expected to flood in.
  • Despite a plunge in the daily volume, the price remains within the demand zone which points out that the sellers are pretty exhausted at the moment and that the bulls may capitulate the rally at ease
  • The price appears to consolidate and either end the monthly trade within these regions or attempt a breakout and hit $0.00003000 regions
  • Here the bears may become a little active, however, the asset could have gathered enough strength to withstand any descending trend
  • The asset may, however, pull a notable leg up towards the $0.00003293 which may be a breakthrough level towards the much-awaited targets beyond $0.00004

Therefore the current announcements and upgrades have fueled the Shiba INU price to some extent. And hence the bullish momentum needs to be carried forward to test the upper crucial resistance levels without leaving any room for the bears to enter. And hence in such a case, the SHIB price may test the upper resistance close to ATH somewhere in the second half of 2022.

Also Read: Zilliqa (ZIL) Price On its Way to its ATH, While Enjin Coin(ENJ) Price Makes a Large Move!

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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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