SHIB Price Prediction: Shiba Inu risks further falls, as critical 200-SMA caves in


  • SHIB price breaches 200-SMA on the 4H chart, calls for more downside.
  • A test of the horizontal trendline support at $0.00000463 remains on the cards.
  • Bear cross keeps the sellers hopeful while RSI remains bearish.

The Shib price is looking to extend Friday’s sell-off, as China’s regulatory implications continue to haunt the cryptocurrency market, keeping the buyers on the sidelines.

The canine-themed coin is shedding nearly 11% so far this Saturday, having lost about 70% of its value from record highs of $0.000039.

SHIB price braces for more declines

The Shib price is consolidating the latest leg down to $0.0000065 lows, as the bears gather strength for the next push lower.

At the time of writing, Shiba Inu is trading around $0.0000070, having breached the last line of defense for the bulls, which is the critical 200-simple moving average (SMA) on the four-hour chart. That level is now seen at $0.0000084.  

The Relative Strength Index (RSI) is seeing an upturn but remains way below the central line, suggesting that any pullbacks are likely to remain short-lived.

Meanwhile, an impending bear cross on the said time frame, with the 21-SMA approaching the 200-SMA, also boosts the odds for a fresh downswing.

It’s worth mentioning that the Shib price met fresh supply and breached the 200-SMA on a sustained basis after the 50-SMA pierced the 100-SMA from above and confirmed a bear cross during Friday’s European hours.

This implies that if the 21 and 200—SMAs bearish crossover materializes, any chance of a bullish reversal could get invalidated, exposing the $0.00000654 low, reached due to Wednesday’s market collapse.

A firm break below the latter could trigger a steep drop towards the key horizontal support at $0.00000463.

SHIB/USDT: Four-hour chart

Alternatively, the Shib buyers need acceptance above the 200-SMA support now resistance for any recovery attempts.

Further up, the bearish 21-SMA cap of $0.00000972 could be challenged.

All in all, the path of least resistance for the Shib price appears to the downside.

 

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Cardano expected to blast off with the launch of smart contracts after Alonzo Hardfork

The pessimism surrounding the upcoming smart contracts launch on Cardano is increasing. Odds are 59-41 against, according to recent market positions on the top prediction market Polymarket. 

More Cardano News

Dogecoin price hesitantly aims at 36% advance

Dogecoin price is facing a tough time pushing past a crucial ceiling, which has stunted its growth. Compared to other altcoins, DOGE is struggling. However, breaching past the said barrier will open the path to an explosive upswing.

More Dogecoin News

Bitcoin price back on track to $100,000 as BTC exchange outflows skyrocket

Previous bull markets were triggered when the Bitcoin supply held by long-term investors increased consecutively for months. BTC has built a base around $30,000, and the benchmark crypto is back on track for hitting $100,000 in 2021. 

More Bitcoin News

A provision in Biden's infrastructure bill could dramatically expand US government surveillance on crypto

Crypto community is urging citizens to support an amendment to the US administration's infrastructure bill to alleviate concerns of crypto firms and traders. It is expected to have a profound and negative impact on crypto innovation and infrastructure in the US.

More Crypto News

BEST CRYPTO BROKERS/EXCHANGES



Bitcoin Weekly Forecast: Markets revert to mean, but BTC price remains indecisive

Bitcoin price shows considerable strength after springing from the recent crashes. Still, it is uncertain whether the current bullish impulse will morph into a new uptrend or lead to a more profound decline.

Read the weekly forecast

BTC

ETH

XRP