The price of the Shiba Inu has broken out of a daily parallel trend channel that was established early last week. The break of the trend channel may have prompted traders to increase their holdings in the hopes of setting a new high before the end of March.
Since March 19, when the Shiba Inu price broke out of its slump, it has gained nearly 21%. This reversal prompted bulls to push SHIB past the $0.0000231 resistance level, allowing it to retest the next resistance level, which runs from $0.0000252 to $0.0000269.
After January 10, when it absorbed the selling and buying pressure, this resistance area has been noteworthy. As a result, the latest retest has placed Shiba Inu price at a fork in the road; a successful conversion of this barrier into a foothold will show that bulls are in charge, while a failure would almost certainly result in a retreat to $0.0000231.
In either case, interested buyers can buy SHIB at $0.0000231 and increase their holdings if it holds above $0.0000269. Bulls will be able to make their way to the next critical barrier at $0.0000352 if this happens.
This run-up would represent a 33 percent increase from current levels and a 52 percent increase from $0.0000231. Long-term investors can cash in on their gains at this point.
At the time of writing, Shiba Inu is trading at $0.00002732 and is up by more than two percent in the last 24 hours.
On the Flip Side
According to the technicals, the Shiba Inu price should not fall below the parallel channel’s median line. The invalidation level is currently $0.00002400, which is 20% below the current price. If bears break through this barrier, Shiba Inu prices might fall as low as $0.00002200 and $0.00002000, or up to 25% below present levels.
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Source: https://coinpedia.org/price-analysis/shiba-inu-shib-price-to-see-uptrend-soon%EF%BF%BC/