Shiba INU Losing its Grip Over the Bullish Momentum, Will SHIB Price plunge hard below $0.00002?

The post Shiba INU Losing its Grip Over the Bullish Momentum, Will SHIB Price plunge hard below $0.00002? appeared first on Coinpedia - Fintech & Cryptocurreny News Media| Crypto Guide

The Shiba INU price recently broke from the descending trend and ranged extremely high to hit the levels very close to $0.00003. But woefully, the bears slashed the price too as low as $0.000022 from where the memecoin ignited a significant rebound. 

The SHIB price fell down from its cliff by more than 75% to hit the lower levels close to around $0.000020. Further, the asset made a U-shaped recovery of nearly 70% to trade close to $0.00003500.Ever since then the asset is maintaining a significant descending trend, failing to breach through the downtrend. However, the asset is currently swinging within a decisive phase where-in a wrong move may drag the price below $0.0000200.

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SHIB price appears to have sealed with yet another descending triangle and preparing to move higher breaking the pattern. However, the price is on the verge to descend back below the trend line and settling the levels close to the lower support. Yet the buyers currently are trying hard to flip the bearish momentum. And hence the daily close above the trend line may invalidate the bearish scenario paving way for the price to maintain an upswing towards the upper resistance. 

However, plunging below $0.0000200 levels may attract notable liquidity which may build a huge bullish momentum. Therefore a fall towards the $0.000019 to $0.000017 levels may be another opportunity to attract the traders onto the platform. This may be when a significant kick-off may uplift the price but may still be restricted much below $0.00002800 levels. 

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