Shiba Inu price is on the cusp of printing its worst performance for this year

Shiba Ina (SHIB) price has received a very firm rejection that has triggered a very deep drop to the downside. As the psychological level at $0.00001000 got broken, the move accelerated even more during the week. Although still some distance, traders must be aware that $0.00000507 could be in the cards and possibly print a new multi-year low in its existence in the coming weeks.

SHIB price is a long way from home

Shiba Inu price is set to print one of the worst performances in its history as cryptocurrencies get degraded again. After the LUNA stablecoin debacle from before the summer, traders got a reliving of that situation with the sudden default of FTX. While the crypto asset class was still trembling on its foundation, a big crypto broker called Genesis halted repayments and withdrawals in the aftermath. 

SHIB is thus not in a good spot as its overall label has some negative feelings and connotations. The dust will need to settle, although should some more casualties fall in the wake of the FTX meltdown, for SHIB traders, this is to be the last drop. Shiba Inu price would tank another lower and hit that $0.00000507 before testing and printing new lows. 

SHIB/USD weekly chart

In case the dust settles into next week and the coming weeks as the contagion of FTX is contained, expect then, slowly but surely, some more bullish buying coming. That would make sense seeing the Relative Strength Index (RSI) is trading very near the oversold level and is primed for a bounce higher. That could mean that Shiba Inu price can jump above the monthly S1 support level and reside near $0.00001000 before climbing higher on the back of additional tailwinds.