Shiba Inu price displays bullish exhaustion as bears aim for $0.00000800
|
- SHIB price shows a lack of bullish interest.
- Shiba Inu price shows negative reversal signals.
- Invalidation is a breach above $0.00001375.
Shiba Inu price warrants the idea of further sell-off as the bulls are failing to retaliate against the bearish strong hold.
Shiba Inu price hints at a further decline
Shiba Inu price lack of bullish momentum spells for another decline expected to happen in the very near future. Shiba Inu price has been coiling within a 12% range for almost a week as bears have failed to garner significant retaliation. The Shiba Inu price congested-looking price action could be viewed as a smart money consolidation tactic before another sell-off occurs.
Shiba Inu price provides further bearish confluence using the Relative Strength Index. The 4-hour chart seems to be loaded with negative reversal signals as the SHIB price is ascending higher in price but failing to gain bullish momentum on the indicator. The RSI could be trying to warn investors of bullish exhaustion as the bears seem to be inducing a substantial countertrend threshold.
SHIB/USDT 4-Hour Chart
Invalidation of the bullish thesis is a breach at $0.00001375. If the bulls can claim this level, there could be a chance for a price hike to $0.00001650, resulting in a 40% increase from the current SHIB 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.