Over 80% of investors are now at a loss holding the Shiba Inu price. Will the sell-off continue?
|- Shiba Inu price is inches away from revisiting its historical indicator low.
- Over 80% of Shiba Inu investors have reported a loss on their initial investment.
- Invalidation of the downtrend is a breach above $0.00001700.
Shiba Inu price is still bound to lower targets, traders should continue with the trend until the invalidation level is breached.
Shiba Inu price is still in a downtrend
Shiba Inu price is an extremely oversold territory on the Relative Strength Index. When diving into the indicator a bit further, it appears a market bottom was established at level 24 in August of 2021 when the SHIB price traded at $0.00000628.
Shiba Inu price currently trades at $0.00000810, just 20% above the key August ‘21 low, as the bears have established a bearish engulfing candle on the 4-day chart. The bulls have yet to display a powerful retaliation as an indecision candle persists throughout the third week of June’s trading range. The mundane price action comes as no surprise as a recent blockchain audit uncovered by blockchain analyst @intotheblock uncovered over 80% of Shiba Inu Investors were in the negative, seeing no profit at all from their investment. If market conditions persist, a retest of the August ‘21 lows will likely occur.
SHIB/USDT 4-Day Chart
Shiba Inu price hovers just 45% above the all-time lows at $0.00000429. Still, market conditions could begin turning in favor of the Cryptocurrency market. An Invalidation for the downtrend is a breach above $0.00001080. If this bullish event were to manifest, the Shiba army could rally as high as $0.00001700, resulting in a 100% increase from the current market price.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.