New Delhi: Self-claimed DOGE killer Shiba Inu has struggled like the other cryptocurrencies following a flash crash last week. As per Coinmarketcap.com, SHIB has lost almost 5% of its value in the last 7 days and 2.5% in 24 hours.
As per experts, SHIB has extended its consolidation period for a week as the bears are still in the power after the December 4 flash crash. Bulls are trying to take control by posting 2.50% gains on a daily basis.
As per reports, an Ethereum whale went on to purchase $1.8 million worth of Shiba Inu taking benefit of the market crash which forced SHIB to the $0.0000295 levels.
Waiting for the major breakout SHIB has been stuck between the two key averages and according to the experts, Bulls are trying to kickstart a new upward trend towards the All-Time High(ATH) 0f $0.000088. The meme-based coin is waiting for a strong push to thrash the current barriers around $0.0000350.
Shiba Inu’s price has been traversing in a narrow range with the downward-sloping- 21-daily moving average at $0.0000400.
As per analysts, the ascending 100-displaced moving average (DMA) at the price level of $0.0000315 continues to be the support for the SHIB bulls. The Relative Strength Index is getting closer which can help the SHIB bulls to take over and start the uptrend.
However, to make this uptrend happen, SHIB needs a daily close candle above the 21-DMA hurdle to finish the bear’s control.
This move can give the traders a fresh buying opportunity which can trigger Shiba Ine towards the price level of $0.0000488 and the next stop for the BULLS will be NOV 20 high $0.0000543.
Taking a look at the other scenario, if bears gained full control then a break below the $0.0000295 levels is fully expected which can take the coin towards the $0.0000261 price level.
