Cryptocurrency market continues to be consolidated for some time. The fact that the Bitcoin price could not exceed the $20,000 level was one of the factors that triggered the prolongation of this consolidation. Several altcoins, including Shiba Inu, are maintaining their support levels, seeking a bullish breakout.
A close look at the price of the Shiba Inu can clearly see the bearish trend. Some analysts pointed out that the current conditions have been continuing since December. According to analysts, this has the potential to reverse the trend in the near future.
shiba inu Despite attempting to break above $0.00001, the bears managed to hold the resistance relatively low at $0.00000935. The downward trend in price has been going on for several months and will want to trigger an increase in the first quarter of 2023. The biggest reason for this is the price range that has been stuck for a long time.
The Shiba Inu continues its current trading levels in a ‘falling wedge’. This is interpreted by many names as a bullish indicator. Analysts, on the other hand, expect the price to recover after hitting the $0.00000750 low. This rally is likely to result in a jump in price as a result. SHIB will attempt to hit the $0.00001028 target if it breaks out of this wedge.
If the bulls can hold the price above this key resistance level, it is possible for the SHIB to see a bullish 2022 result.
You can follow the current price action here.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.