Shiba Inu price displays bullish exhaustion as bears aim for $0.00000800
- SHIB price shows a lack of bullish interest.
- Shiba Inu price shows negative reversal signals.
- Invalidation is a breach above $0.00001375.
Shiba Inu price warrants the idea of further sell-off as the bulls are failing to retaliate against the bearish strong hold.
Shiba Inu price hints at a further decline
Shiba Inu price lack of bullish momentum spells for another decline expected to happen in the very near future. Shiba Inu price has been coiling within a 12% range for almost a week as bears have failed to garner significant retaliation. The Shiba Inu price congested-looking price action could be viewed as a smart money consolidation tactic before another sell-off occurs.
Shiba Inu price provides further bearish confluence using the Relative Strength Index. The 4-hour chart seems to be loaded with negative reversal signals as the SHIB price is ascending higher in price but failing to gain bullish momentum on the indicator. The RSI could be trying to warn investors of bullish exhaustion as the bears seem to be inducing a substantial countertrend threshold.
SHIB/USDT 4-Hour Chart
Invalidation of the bullish thesis is a breach at $0.00001375. If the bulls can claim this level, there could be a chance for a price hike to $0.00001650, resulting in a 40% increase from the current SHIB 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.
