Shiba Inu, after remaining silent for a pretty long time, sliced through one of the important resistance levels and raised above. The current market sentiments are appearing to be pretty bullish as Bitcoin, the most dominant crypto broke the narrow trend and hovering close to $43,500.
On the other hand, the DeFi space & NFT space is also attempting to make a come-back, the popular meme-token Shiba INU appears to have topped the leaderboard.
As Coinpedia earlier reported about the market trend about the popular meme coins, it appears that the popular one SHIB is 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.
However, 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 appears to have sustained the trembled situation and prepared to go long.
Shiba Inu (SHIB) Price Analysis
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 its was constantly attempting to uplift towards the immediate resistance levels. Despite the rejection, yet the SHIB price remained poised to break through the downtrend.
The Shiba Inu price broke through the descending channel and has been ranging high since the past couple of hours. The uptrend is required to continue until one of the important resistance levels around $0.00003400 to hover above the danger zone.
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 only short-lived as the market sentiments turn pretty bullish.