The Shiba Inu price is witnessing impressive gains for the past couple of days while the possibilities of ranging high were almost negligible. However, the meme coin managed to withstand the hurdle and is currently hovering above the gained levels without facing a plunge.
The upcoming forecast remains extremely uncertain as the SHIB price is hovering around crucial levels which are pretty decisive.
The SHIB price surged more than 70% in the past 3 to 4 days and smashed an important demand zone. While it was evident that the asset is losing its grip over the rally, as an outcome of the Bitcoin price rally which spiked above $45K.
The asset, however, is expected to hover around the strong supply zone for some more time before deciding the next leg.
With the rise, the SHIB price smashed the crucial supply zone, where a notable influx of liquidity was pretty much expected. Yet the asset began to consolidate within the current levels and waiting for the next push.
The price remains within the current levels refusing to plunge to the lower levels, clearly indicating the tendency to maintain its rally towards the north. However, in the worst cases, the asset may plunge to the local support around $0.0000280 before flipping towards the important resistance.
On the other hand, the Shiba INU witnessed a heavy surge in the daily active address from more than 5800 to as high as above $10,700. The huge spike in address clearly indicates the rise in the interest of the investors.
Also, the platform witnessed a spike in the number of large transactions. Despite the indicators being pretty bullish, the possibilities of a bearish trend may not be completely eliminated. And hence in such a case, the possibilities of the asset plunging below $0.0000200 may be imminent.