Shiba Inu, after remaining silent, sliced through one of the important resistance levels and raised above. The current market sentiments are pretty bullish as Bitcoin broke the narrow trend and hovered close to $43,500. On the other hand, the DeFi space & NFT space are attempting to make a come-back. The popular meme-token Shiba INU price appears to have topped the leaderboard.
As Coinpedia earlier reported about the market trend of the meme coins, SHIB appears to be already on its track towards supremacy. The asset roared like a monster just a couple of months back by eliminating a zero and ranged high to kill yet another one. The SHIB price plunged drastically which was fueled by uncertain market trends and a couple of extreme sell-offs. However, the crypto space since the previous day’s trade has sustained the trembled situation and prepared to go long.
Shiba Inu Coin initiated the 2022 trade with a consolidation followed by a notable downtrend with consistent lower highs and lows. The asset from the past couple of days appears to have been preparing to break through the bearish trajectory. As it was constantly attempting to uplift towards the immediate resistance levels. Despite the rejection, the SHIB price remained poised to break through the downtrend.
The Shiba Inu price broke through the descending channel and has been ranking high for the past couple of hours. The uptrend is required to continue until one of the important resistance levels around $0.00003400 is reached. However, the bears may be eagerly waiting for the SHIB price to reach these levels so that they could extract the profits and slash the price down. Yet the plunge may be very minute as the market sentiments turn pretty bullish.
Also Read: Chainlink Attempts to go Parabolic, Will LINK Price Hit $30 in the Next 48 hours?
Source: https://coinpedia.org/price-analysis/is-shiba-inu-coin-back-in-action-eyes-another-25-upswing/