Shiba Inu has been moving in a narrow range lately. The coin is finding it difficult to climb up, its major resistance at $0.000035. And the coin has been moving in a steady pattern, without any notable upswings. However, the coin is currently trading at $0.00002927 with a dip for the past 24-hours at ~2.4%.
Consecutively, the market cap of the canine coin stands at ~$14,605,010,065. While the trading volume for the past 24-hours stands at ~$2,746,720,863. The gains for the past week hover around ~2.9%, while that for the fortnight is around ~316.8%. The gains seem like a downward trajectory. From its peak of ~400% during the first week of the month.
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The SHIB price is since the recent correction is trending within the descending parallel channel and attempting hard to break the channel. The recent attempt of breakout landed the asset to trend in an ascending channel within a descending channel. Moreover, a breakout is quite possible in a coming couple of hours.
SHIB Price needs to stick above its immediate support at $0.00002750. If, not the coin might fall to its next major support at $0.0000230. However, we can expect a pullback, prior to its upswing. However, the major support levels would stand baseless if SHIB manages to rebound from its current levels.
Collectively, with its major catalyst coming into action, the meme coin can head towards its target of $0.00005. The acceptance and adoption of SHIB are growing at a steady pace. Which might help it keep up with its candle movements. While Shopping.io is offering discounts with the code “SHIBA”. Now Payments will be allowing users to employ SHIB, LEASH, and BONE across select e-commerce portals. Hopefully, the applications will boost more investors in the space.