Shiba Inu price could fall another 30% as bears sneakily re-enter the market
- SHIBA price is producing a steep decline.
- Shiba Inu price points to bears reentering the market on the volume indicator.
- Invalidation of the bearish thesis is a breach above $0.00001850.
Shiba Inu price appears to be declining impulsively. A 30% decline is now on the cards for the SHIBA price.
Shiba Inu price continues to fall.
Shiba Inu price is looming with bearish sentiment as the bulls have shown no support at the $0.00001200 levels. The decline into the current $0.00001000 levels has been forecasted for several weeks since the SHIB price fell from the key $0.00004000 levels. The unfolding impulse wave down could send the Shib price to $0.00000700 if market conditions persist.
Shiba Inu price provides further evidence to believe in more decline using toe volume profile indicator. The recent ramping pattern signals a re-entrance of bears into the market with profit gauging intentions. Once the $0.00001000 support level is broken, a free-fall decline could be experienced, causing a shocking capitulation into the $0.00007000 levels and possibly further below the swing lows at $0.00000500.
SHIB/USDT 12-Hour Chart
Invalidation of the downtrend for the Shiba Inu price lies at $0.00001850. If the bulls can breach this barrier, a bullish target at $0.00003000 could be back on the cards resulting in a 145% increase from the current Shiba Inu price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
