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May 22, 2024
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Shiba INU Price on the Long Run: Need to Achieve These Levels to Keep Up Bullish Momentum! 

The post Shiba INU Price on the Long Run: Need to Achieve These Levels to Keep Up Bullish Momentum!  appeared first on Coinpedia Fintech News

The Shiba INU price has been trading within a downward channel ever since it failed to surpass the interim resistance at $0.00001133. The descending trend which is seen in most of the altcoins is a result of the rising dominance of the star crypto, Bitcoin. Besides, the beta launch of the much-awaited Shibarium has also been delayed, which has also cooled down the hype surrounding the project. 

Despite the chaos around the project, the whales appear to be pretty confident about the upcoming swing. As per the reports from Whalestats, a couple of whales have accumulated massive amounts of SHIB tokens in a single transaction. Two of the high-profile ETH whales have accumulated more than $10.8 million. 

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The top 100 whales have collectively held Shiba INU worth $606 million, followed by MATIC worth $166.8 million, BEST worth $155.9 million, and Chainlink worth $146.4 million. Although the bullish momentum has accumulated, the SHIB price must reach these levels to keep up the bullish momentum. 

The SHIB price is currently ranging around $0.00001082 but continues to remain within a descending parallel channel that ignited in early February. The token, however, has not managed to break above the channel, which may require it to move above $0.000011. To do so, the SHIB price is required to rise above the 200-day EMA levels, which were previously breached by the bulls during the first fortnight of 2023.

The price, however, managed to break the 200-day EMA and plunged during the first few days of the month. Presently, the 200-day EMA is at $0.00001171, which can be considered the most important level to confirm with a breakout from the descending trend channel. Beyond these levels, a notable upswing may be confirmed that may rise the levels beyond $0.000012 in the coming days. 

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