Shiba INU bulls get back in action as the price spike high, testing one of the pivotal resistance but failing to breach through the levels. However, the asset is still trading within the reach of the bulls and hence may regain the lost momentum soon.
What led to SHIB Price Rally Today?
SHIB price, from nearly a week, is attempting to accomplish a parabolic recovery to reach the renaissance at $0.000014. The latest surge is believed to have been fueled by a couple of advancements on the Shiba INU platform.
The Shiba INU is integrated with one of the popular crypto payment processors, NOWPayment which will enable businesses to carry out SHIB payments. Secondly, the platform has rolled out the WAGAMI (We’re All Gonna Make It) which is the first concept art of its metaverse, inspired by temples around the world.
Coming to the on-chain developments, nearly 1.2 billion SHIB tokens have been burnt in recent times, despite the burn rate being down by 54%. On the other hand, huge whale transfers have been recorded of-let which includes more than 280 billion SHIB. According to the data from Etherscan, 3 transfers led to the above-mentioned SHIB transfers by anonymous addresses.
Shiba INU(SHIB) Price Analysis
The SHIB price is attempting very hard to regain the value above the trend line but the bear’s hindrance is delaying the act
After a brief consolidation along these levels, SHIB price is expected to surge above the trend line, slicing through the resistance at $0.00001406
However, the asset is then required to sustain above the trend line to maintain a notable upswing to reach the target close to $0.000018
In the worst case, if Shiba INU (SHIB) price falls prey to bears, then may continue consolidating between $0.000013 & $0.00001214 levels