Shiba Inu has broken an important resistance level and has surged above it after a long period of silence. The current market sentiment appears to be quite optimistic as the main cryptocurrency, Bitcoin, has broken out of its narrow range and is hovering around $43,500.

On the other hand, the DeFi and NFT spaces are also trying to make a comeback, and the popular meme token Shiba Inu seems to have taken the top spot on the leaderboard.

As Coinpedia previously reported on the market trends of popular meme coins, it seems that SHIB has taken on a dominant position. A few months ago, the asset roared like a monster, eliminating one zero and killing another within a high range.

However, due to uncertain market trends and several instances of extreme selling pressure, the SHIB price plummeted. Nevertheless, the cryptocurrency space has managed to maintain a volatile situation and is ready for long positions since the previous day's trading.

Shiba Inu (SHIB) Price Analysis

Shiba Inu Coin started the year 2022 with consolidation and then saw a clear downward trend, with higher highs and lower lows. The asset in the past few days has appeared to be preparing to break out of the bearish trajectory.

It has been continuously attempting to rise to immediate resistance levels. Despite being rejected, the SHIB price still has the potential to break out of the downtrend.

The Shiba Inu price has broken out of the downtrend channel and has been at high levels for the past few hours. An upward trend needs to be sustained to hover above the critical resistance level near $0.00003400.

However, the bears may be eagerly waiting for the SHIB price to reach these levels so that they can take profits and push the price down. Nevertheless, with the market sentiment becoming quite bullish, a sharp decline may only be short-lived.

We have been working hard to connect with more first-tier institutions and project teams in the cryptocurrency circle. The concept of Riseup Community is a win-win, and we will be launching more high-quality projects from primary markets at home and abroad. We look forward to your participation! jueqimay

If you're feeling lost in this circle, our community can be your guiding light! We primarily focus on providing high-quality projects from overseas primary markets and top-quality coins from secondary markets. We also share the latest IDO news to provide everyone with a high-quality cutting-edge information community.