The crypto space appears to have recovered from the previous day’s crash as the majority of assets have flipped. Bitcoin price initiated the gigantic recovery quickly after the previous day’s close which uplifted the price by more than 11%. Also, the global market capitalization surged by more than 11% marking the end of the probable FUD created due to the external economic conditions. Yet the Shiba Inu price appears to have again fallen into the same bearish well. As the fresh slash may mount huge selling pressure soon.
SHIB price after a prolonged consolidation above $0.00002000 surged at a stretch and again began consolidating above $0.0000300. However, it was believed that the next stop for the SHIB price may be around $0.0000400. But woefully the external conditions became very much uncertain dragging the global markets to their knees. Yet with the fresh sell-offs, the SHIB price may plunge to test the lower support at $0.000020 yet again.
SHIB price for a long time is swinging within a descending parallel channel hitting the upper and the lower levels at regular intervals. Despite the accumulated selling volume, the asset managed to prevent the price from breaking the lower channel. Yet another strong push towards the lower support is pretty much possible in the next 24 to 36 hours. The price may eventually hit the lower bands of the channel which is the strong support at $0.00001961. As it flipped a couple of times before, yet another flip may be expected on hitting the lower support.
However, the flip may not ignite a huge uptrend with strong bullish momentum. Yet may surely assist the price to rise up above the descending consolidation. The Shiba Inu price currently may inculcate a calculated approach and if trades as per the plot, the asset may consolidate for another week in the same parallel channel. Yet the lower support may be held strong which could be elevated to the middle bands of the channel later. A strong flip from the middle bands may ignite a strong uptrend for the SHIB price which could then rally beyond $0.0000300.
Also Read: Cardano Signals Bearish Trend Despite a Strong Flip in the Market, Is ADA Price Primed to hit $0.5?
Source: https://coinpedia.org/price-analysis/shiba-inu-shib-price-to-plunge-will-the-shibarmy-jump-in-action/