The Shiba INU since the past month is swinging within a very narrow range without attempting to smash the $0.0000400 levels. However, as Christmas approached, the meme token was initiated to make a huge move testing these levels. And therefore, rallied very close to the $0.0000400 mark, but woefully not only got rejected but bowed down lower.
SHIB Price Analysis
The SHIB price currently is attempting to recover the previous day’s loss and regain the lost position at the earliest. And hence it may reenter the crucial zones and try hard to slice through them at the earliest. Yet some factors may drag the price low which currently affects the SHIB price to a large extent.
- Shiba price since a week is trending within a parallel channel and currently is maintaining within the ranges
- The recent plunge had dragged the price towards the lower support levels, however, it successfully flipped hitting these levels
- In the upcoming days, SHIB price may hit the middle levels which reside at the crucial levels around $0.00004 and further continue to head towards the upper resistance above $0.00004300
- However, the trading volume may be challenging as they tend to dip over time and due to this the uptrend may not be strong.
- Currently, the investors are required to jump in at the earliest to prevent further drops beyond the channel. Else it may again fall into a bearish trap again
Collectively, the rally could sustain until and unless the liquidity does not dry up to a larger extent. As suggested by some reports, nearly 24% to 27% liquidity is all set to deplete, and hence a fear plunge is still hovering over the rally. Or else, the dominant cryptos like Bitcoin or Ethereum are required to stay calm above a certain threshold so that other altcoins and meme coins could thrive in the coming days.