Over 80% of investors are now at a loss holding the Shiba Inu price. Will the sell-off continue?

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.