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.
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- 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?
Source: https://coinpedia.org/price-analysis/shibaarmy-to-break-the-consolidation/