Shiba Inu price in Catch-22 as price action could slide below $0.00001000 again
|- Shiba Inu price barely moves in Friday trading.
- SHIB could see a breakdown with a quick slide below $0.00001000.
- The weekly low could get tested and print a negative performance for this week with a 5% devaluation at hand.
Shiba Inu (SHIB) price is trading sideways as the US trading session is underway before closing off this Friday. After some sharp moves and a pickup in volatility on Wednesday and Thursday, price action is nearly dead early Friday, moving as it is in a tight range. With the divergence in the Relative Strength Index (RSI) pointing to the downside, bears are silently planning a last push for this trading week below $0.00001000.
Shiba Inu price silently has bears creeping in from the back door
Shiba Inu price trading sideways to lower is an ideal trading moment for scalpers and one-minute traders that quickly jump on any high or low point to make money. A surprise is just around the corner though as the RSI is pointing to a decline nearby while price action is painting a green candle. This divergence points to bears at work and might see a bearish breakout any moment between now and the closing of the US session.
SHIB could quickly see a first spring toward $0.00001000 and a small pause there as it is a psychological level for most bulls. Once price action starts to slide below it, expect a sharp but brief falling knife that will hit $0.00000966 in a matter of seconds. 5% value will have been erased, and SHIB bulls will be facing a close below $0.00001000 before heading into the weekend as the worst possible scenario to close off this trading week.
SHIB/USD 4H-chart
Over the weekend, bulls can let the dust settle and start to buy on the dip with price action slowly but surely making its way up above $0.00001000 again. From there, a staged recovery might emerge with first $0.00001060 as the level to get to. Once that turns over into bullish support, expect next another leg higher toward $0.00001080 to try and break above the 55-day Simple Moving Average before the weekend is over.
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