Bitcoin price is on the verge to surpass $59K anytime from now, manifesting the strength being built within the crypto space. On the other hand, Ethereum price has also successfully regained its position above $4500. And hence, the popular meme coins like Shiba Inu are regaining huge bullish momentum. SHIB price within no time initiated a notable flip that may assist them to regain the lost positions.
Yet another milestone for the Shiba Inu platform. The meme token is gaining wider adoption even among the whales holding popular cryptos. Recently, the rounds of an ETH whale holding a huge chunk of SHIB tokens raised everyone’s eyebrows. And hence, the Shiba Inu’s SHIBArmy has currently a million holders.
While the other popular meme tokens like Dogecoin is still maintaining a narrow trend, SHIB price quickly absorbed the positive market sentiments to propel high. However, the spike cannot be still validated as an uptrend until the price surpasses the resistance zone in between $0.00004700 and $0.00004800.
While most of the altcoins, specifically NFT’s been making huge moves ever since the beginning of the current trading month, SHIB price maintained a downtrend. The asset initiated its trend within a falling wedge and hence a breakout may result in a massive leg up. Currently, it is mandatory for the SHIB price to smash the 200-day MA resistance level at $0.00005366 to validate an uptrend. Also the strong resistance around $0..00005600 are pivotal zones to attain.
Collectively, Shiba Inu price may undergo a slow yet steady rally which also includes a couple of dumps and consolidation. And hence as predicted by one of the analysts, AltStreetBets, SHIB price may continue to accumulate for another couple of months. Later a gigantic wave may gulp off yet another zero from the price.