Shiba Inu price falls through $0.00001000! Here's what could happen next
- Shiba Inu price is currently down 8% this month.
- SHIB was rejected in from a significant moving average before the decline.
- A spike through $0.00001090 could prompt a relief bounce targeting $0.00001120
Shiba In price is witnessing significant bearish pressure.
Shiba Inu price treads south
Shiba Inu price is experiencing an ongoing mudslide that has finally breached the $0.00001000 level. The bears have produced a steep decline to open the second trading week of October. On Sunday, October,r 9, the bears produced a rejection from the 21-day simple moving average, which catalyzed the 8% penny-from-Eiffel-style decline being displayed.
Shiiba Inu price currency auctions at $0.00001020 as the price briefly fell to $0.0000990 amidst the most recent decline. The bears have managed to wipe out several levels that supported the notorious meme coin during September. Interestingly while the Relative Strength Index is extremely oversold, the current downtrend’s Volume Profile Indicator is waning. The indicator could hint at a bounce soon before bears continue to flex their power. Still, the overall decline is quite steep. If market conditions persist, a breach of the $0.00000970 swing low will likely occur.
SHIB/USDT 8-Hour Chart
Still, for the safety of our readers, this thesis will remain bearish until $0.000001090 is breached. As a double-back test, a spike through the previous resistance zone could induce a countertrend rally toward the 8-day exponential moving average at $0.0001120. Such a move would result in a 5% 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.
