Shiba INU(SHIB) Price Preparing for a 12% Rally Soon, Yet Still Bearish Clouds Hover Over the Rally!
Shiba INU, the most popular memecoin which has laid a tough brawl with Dogecoin during its bull run appears to have silenced to a large extent. No doubt DOGE price also has witnessed a similar trend, but SHIB price is currently displaying a huge possibility of undergoing a strong uptrend any time from now. However, a steep jump or a huge upswing may not be witnessed but bouncing off from the support levels points out towards a thriving upswing very soon.
In the long-term, the SHIB price is extremely bearish as the asset seems to have tested the lower levels every new day. After breaking the pivotal zones around $0.00002300, the price fell down close to $0.00002100 and is holding these levels strong for the past couple of days. However, in the short-term, the asset is on the verge to close the day’s trade on a bullish note and mainly above the consolidation.
The SHIB price was consolidating within a healthy region when the asset began to decline within a descending channel. The price just before the previous weekend flipped from the lower support of the channel and quickly raised high to test the resistance. No doubt it faced rejection but sustained hard within the upper bands of the channel. The current consolidation close to the resistance levels is a clear indication of the upcoming upswing which may drag the price out of the descending trend.
On the whole, after months of trading within a bearish trend, the Shiba INU price is about to flip firmly to ignite a suitable uptrend. But the selling volume which is intensified at the moment may hinder the rally to some extent but may eventually get eased very soon. And later SHIB price hitting the local resistance may be imminent.