Shiba Inu bears push bulls into crash barriers with 12% decline nearby
|- Shiba Inu price is down over 1% this Wednesday as risk-off sets the tone.
- SHIB sees bulls dropping the ball on trying to keep the rally going as bears enter.
- With several risk-off elements going on in the background, altcoins are on the cusp of breaking their own rally.
Shiba Inu (SHIB) price action is tanking over 1% this Wednesday after a very volatile and lucrative session for the bulls on Tuesday. Unfortunately, bulls did not see the bears coming and got rear-ended, smashing price action into the safety barriers. With SHIB price action already down over 6% from top to current level, another 12% could be lost if the support levels get broken.
Shiba Inu bulls got rear-ended by bears at the worst possible time
Shiba Inu price is down for the trading day this Wednesday after bulls did not get some follow-through on the steep rally from Tuesday. Instead of hitting $0.00001250 on the topside with the 55-day Simple Moving Average (SMA) as the key level to get a hold off, bears came in hard and ran price action into the ground. SHIB bulls lost their footing here and are on the brink of crashing off the road. With plenty of market turmoil and volatility in the markets, this time big brother Bitcoin is not stepping up as it did on Tuesday to provide a tailwind.
SHIB could come crashing down like a house of cards now that a favorable tailwind from Bitcoin is not present. Bulls are getting pushed against the green ascending trend line and could be seen taking once bears push through the defenses. The 200-day SMA could still be there for support, but seeing the recent volatility that could be no match.
SHIB/USD 4H-chart
Should volatility start to ease down a bit in the coming days and bring some calm and sense to altcoins. Expect the green ascending trendline to be used again as support for the rally with this time a nice grind higher towards $0.00001250. As the 55-day SMA gets turned into support that would be ideal for a jump higher toward $0.00001300 by the end of this week.
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