Despite the much-awaited Robinhood listing, Shiba INU price continues to slide pushing the consolidation closer to the demand zone. And hence a fair chance of the asset flipping the bearish divergence appears to be high. However, the SHIB price is currently drowning in a deep well and hence if it fails to hold $0.0000211 levels, then the bullish scenarios may be invalidated.
The uncertain Bitcoin price movements have deeply impacted the SHIB price and most of the altcoin prices. The resistance levels slashed constantly from $0.00003200 to $0.00002995 and currently is at $0.00002708. Woefully, it has become a tedious job for the memecoin to hit these local levels too. However, some possibilities of a strong rebound do appear as the technical formation points out toward a 30% upswing.
The Adan and Eve pattern formed with a ‘V-shape’ recovery followed by a parabolic curve. And hence a significant upswing may make its way that can ease the path towards $0.00002700. On the other hand, the SHIB developers have launched a new burn portal which aims to destroy more tokens than before. Within just 24 hours of launch, nearly 8 million SHIBs were burnt and hence analysts believe it may boost up the price towards $0.0000500 soon.
The burn portal is said to be a collaborative effort between Shiba INU and the anonymous creator of SHIB Ryoshi. The portal also enables users to earn passive income by burning their tokens. Therefore, the Shiba INU(SHIB) price may be stuck between $0.00002000 and $0.000032 for some extended period. However, a strong upswing may still be imminent.