Shiba INU which has attracted many Ethereum whales at the moment is appearing in a very vulnerable situation. It’s not the first time, the memecoin has encountered the current condition. Being more diverse than the previous situations, the SHIB price may not witness a similar outcome as before. Moreover, the price is now feared to plunge hard towards the lower support around $0.00001687.
At present, the SHIB price has broken the uptrend line it followed since it flipped from the January lows. This may not be a good sign for the rally as visiting the key levels close to $0.0000200 may be more hazardous. As of now when the SHIB price is testing the crucial levels no strong buyer action is witnessed. And hence a flip may not be ignited until and unless, the price tests the lower support.
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If the asset fails to attract the buyers at $0.00002 then a plunge may drag the price closer to $0.0001687. In the short term, one can see a slight uptrend which is constantly challenged by the sellers. And hence the formation of a ‘Doji candle’ clearly indicates the strong intentions of the bears to keep restricted. Also, the apex of the descending triangle is pretty much distinct and hence the consolidation may continue.
However, the ShibArmy which remained pretty much silent, appear to have got active again as the round of a big announcement is outspread in the market. Considering the upcoming trend, the Shiba Inu(SHIB) price may not drop beyond the immediate support but may consolidate for a long before pulling a massive leg up.
Also Read: Here’s Why Bitcoin (BTC) Price Might Drop To This Level In Coming Days!
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Source: https://coinpedia.org/price-analysis/what-will-happen-if-shiba-inu-shib-price-breaks-down-from-key-levels/