- Shiba Inu price closed November's auction with a 25% loss of market value.
- SHIB has retested a previously broken level of support which could be the catalyst for another decline.
- A sustained hurdle and consolidation above $0.00001000 will be needed to create opposing bullish scenarios.
Shiba Inu price starts December off on a shaky start. The recent rejection of the previous support zone spells bad news for SHIB’s future price action. A sweep of the lows event could result if market conditions persist.
Shiba Inu price might be in trouble
Shiba Inu price could be setting up for an additional move south. On November 5, the bulls attempted a hurdle of the previously broken support level at $.00000976. The zone aided SHIB's uptrend attempts on numerous occasions throughout the summer. On smaller time frames, the bulls found brief momentum until the psychological $0.00001000 level triggered orders from investors looking to exit the market.
The Shiba Inu price now trades at $0.00000945 as the profit-taking event has resulted in a 5% decline. If the notorious meme coin’s technicals follow classical price action techniques, the failure to hurdle above the broken support zone could catalyze a sweep of this year’s lows at $0.00000714. An additional target if bulls remain sidelined upon the breach would be the $0.00000660 liquidity zone which has remained unauctioned since September of 2021. The bearish scenario creates the potential for up to a 30% decline from SHIB's current market value.
SHIB/USDT 1-day chart
Still, there is always a potential for trend reversal. Early evidence to support a countertrend retaliation will be a breach and sustained consolidation above the support zone near $0.00001000. If the bulls can produce the aforementioned price action, a rally towards the halfway mark of November’s 25% decline at $0.00001100 could stand a fair chance of occurring. SHIB would rise by 17% due to the alternative bullish scenario.
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