Price Analysis

This is Why Shiba INU (SHIB) Price May Not Fall Below $0.000016 Amid Resurgence of Bearish Trend!

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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May 7, 2022

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Highlights

    SHIB price is extending its stagnant trend by consolidating heavily around $0.00002 levels heavily after the recent price slash

    While the possibility of the further slippage still haunts the rally, yet the price appears to have found its strong support which may prevent the asset to drop beyond

Shiba INU price rebound is been expected for a pretty long time, but the asset is just extending the descending triangle. But interestingly, the price is also not falling beyond heavily and attempting to hold the lower support firmly. And by consolidating widely around these levels, the asset displays it’s being self-assured of the upswing ahead. 

The SHIB price recently has set up three consecutive lows since the beginning of 2022 around $0.00002 which is now the pivotal level. The recent price slash dragged the price below these levels, while each attempt at a healthy rebound is just going in vain. And hence the price could drop for some more time until the levels around $0.000019 are also slice through. But eventually, a rebound from lower support as huge influx of liquidity may be expected at this stage. 

shibprice

The above-mentioned chart specifies the price action of the asset is depleting harder as the descending triangle is squeezing heavily. However, the price may continue to consolidate within the support zones for another couple of days, as it is still distinct from the apex. And eventually breakdown towards the lower, yet pivotal support zone close to $0.00001700.

 As said multiple times before, that SHIB price may flip at certain support but eventually the asset ended in a massive sell-off. But now the scenario is a little diverse as the levels around $0.000017 are not only the strong support but a strong barrier preventing further depleting trend. A huge volume of SHIB tokens has been bought in between $0.000015 and $0.000019 which are slightly in profit now. 

shib giom
Source: Intotheblock

A huge volume of 425.33 trillion SHIB has been bought here among 83.43K addresses. And hence it may act as the base price, below which the bulls may not allow the price to slip. Therefore, $0.000015 may be the strongest barrier that could ignite a significant upswing soon for the Shiba INU (SHIB) price. But eventually, the bulls are required to enter to rescue the price rally soon. 

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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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