New Delhi: Stuck in price consolidation self-claimed DOGE killer Shiba Inu has given lower highs and higher lows in the last week and if this action continues then it is expected that the coin will break out from the downtrend. This will eventually result in an explosive upswing.
Earlier, the SHIB pennant was getting ready for an upward breakout but the US inflation print shook the global markets and even pressured other cryptocurrencies.
Shiba Inu gave its all-time high of $0.0000885 on October 28 and since then the token has created 5 lower highs signaling a complete downward trend. These swing points make a trend line indicating a sloping resistance barrier.
SHIB bulls tried to push the price-action back above the weekly mid-price level at $0.00005433. Unfortunately, it got stopped in the path as its allure started to fade after the US inflation print.
The demand zone ranging from $0.0000328 to $0.0000446 will play an important role as a base to encounter the selling pressure.
Investors will get the confirmation for this uptrend when the Shibe rallies at least 26% to break the declining trend line to give a higher high above the $0.0000565 price mark. If this continues then SHIB will go on to break the crucial price barrier of $0.0000625 which is a 40% ascent from the said demand zone.
The chart depicts that this is a difficult situation for SHIB as a breakdown of the support floor at $0.0000360 will indicate that buyers are losing control. This can result in a deeper correction and it will also invalidate the bullish thesis and trigger a 20% crash from here.
