The last month’s trade ended with a bullish note where most of the assets jumped out of their consolidation and spiked high. Yet since the beginning of December, the asset initiated with a small consolidation and again fell into a bearish trend. Shiba Inu price also underwent a similar trend and declined heavily and entered a crucial support zone.
The popular meme token plunged more than 45% in the first few days of December amid the extensive crypto market sell-off. The past weekend drained the asset which pierced through the support zone, but only for a short span of time. The asset quickly bounced and initiated a consolidation within the support zone. However, the asset is still under the radar of the bears and until attaining certain levels, the flip may not be confirmed.
SHIB price during the recent spike had successfully broken the downtrend and surged above $0.00005400. Quickly the asset dumped below $0.00005 the same day and continued to head towards the south since then. However, the present-day trade began with a tough competition between the bulls and the bears where the bears succeeded in drowning the price. And since then the price is chopping around the support zones.
The asset is required to continue to consolidate around the same levels in order to prevent further drain. And hence after some accumulation, could barge in to hit the immediate resistance zone in between $0.00004297 and $0.00004433. On achieving these levels, a flip from the bearish divergence may be valid. However, to confirm with the uptrend, the SHIB price needs to smash a minimum level of $0.00005000.
Collectively, the recent sell-off has slashed the value of the assets. And hence December which was expected to be bullish is haunted with the dark clouds of bears. Therefore, the Shiba Inu price should rebound from these levels else could fall below $0.00003 levels, somewhere around $0.00002766. This is when the SHIB price may experience extreme difficulty to regain its lost positions.
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