|

Shiba Inu Price Prediction: A 40% decline targeting $0.00000700

  • Shiba Inu Price breached the ascending parallel channel that has provided support all summer.
  • SHIB saw an influx of dormant tokens pour into the market last week.
  • Invalidation of the bearish thesis is a breach above $0.00001743.

Shiba Inu price is showing concerning technicals that confound recent bearish on-chain metrics. A sweep-the-lows event could occur in the coming weeks.

Shiba Inu price is showing bad signs

Shiba Inu price currently auctions at $0.00001214 as the bulls are trying to defend their post near the $0.00001200 level on intra-hour time frames. On August 26, investors witnessed the first concerning signal as the bears forged a daily closing candle below the ascending trend channel. The breach came at a unique time for SHIB as an influx of dormant tokens had resurfaced on the market.

A week later, on August 4, the bulls went for a retest of the ascending barrier while dually colliding with the 21-day simple moving average (SMA). The SMA ultimately rejected re-entry of the ascending trend near the $0.00001300 zone. The Shiba Inu price has fallen two consecutive days in a row and is now consolidating as investors anticipate another decline.

tm/shib/9/7/22

SHIB USDT

If market conditions are genuinely bearish the first target for SHIB shorters is the July 15 low at $0.00000976. If the bulls do not step in to provide support at the mid July level, all of summer’s countertrend rally could get wiped, with bearish targets near $0.00000700. Such a decline would result in a 40% decline from the current Shiba Inu price.

Invalidation of the downtrend scenario is contingent upon the ascending trend remaining as a rejective border for countertrend bulls. The current price is $0.00001420 but subject to incline as time progresses. If the bulls can hurdle the ascending boundary, they could rally as high as $0.00001800, resulting in a 40% increase from the current SHIB price. 

In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team

Author

Tony M.

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.

More from Tony M.
Share:

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

By subscribing you agree to our Terms and conditions.

Editor's Picks

Dogecoin Price Forecast: DOGE breaks key support amid declining investor confidence

Dogecoin (DOGE) trades in the red on Thursday, following a 4% decline on the previous day. The DOGE supply in profit declines as large wallet investors trim their portfolios. Derivatives data shows a surge in bearish positions amid declining retail interest.

Cardano Price Forecast: ADA dips below $0.37, hitting two-month low as bearish momentum builds

Cardano (ADA) price trades in the red, slipping below $0.37 on Thursday after correcting more than 7% so far this week. The ongoing pullback could deepen further as ADA’s social dominance declines and dormant wallet activity rises, suggesting bearish sentiment among traders.

Top Crypto Losers: Pump.fun, SPX6900, Bittensor slide further with double-digit losses

Pump.fun (PUMP), SPX6900 (SPX), and Bittensor (TAO) are leading the losses in the cryptocurrency market over the last 24 hours amid total liquidations of over $500 million. The retail segment alleges institutional manipulation amid an early-morning Bitcoin sell-off routine in the US market.

Bitcoin, Ethereum whipsaw sparks heavy liquidations amid accusations of market manipulation

The crypto market whipsawed on Wednesday as top cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), quickly reversed gains from the early American session.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.