- Shiba Inu price has lost 6% of market value during this week’s decline.
- SHIB has breached extremely oversold levels on the Relative Strength Index and shows a newly established bearish divergence.
- Invalidation of the bearish outlook is a breach above $0.00001040.
Shiba Inu price hints that a strong downtrend move is underway. Key levels have been identified to gauge the strength of the bears.
Shiba Inu price continues to decline
Shiba Inu price has become a problematic digital asset to hold as the notorious meme continues to lose market value throughout October. The bulls have lost support from the $0.00001000 level, and there is no evidence to believe the downtrend is ready to end.
During the third trading week of October, the bears caused a 6% loss in market value. The decrease in price was catalyzed by the bears' rejection from the 8-day exponential moving average on Sunday, October 9.
Shiiba Inu price currently auctions at $0.00000989. The Relative Strength Index is back in oversold territory and has produced a bearish divergence between the last two countertrend retaliations. If the technicals are correct, SHIB investors could face serious pain. The bearish targets lie at $0.00000900 and $0.00000750. If these levels do not hold, a breach into $0.00000700 is very likely. Such a move would result in a 30% decline.
SHIB USDT 4-Hour Chart
Invalidation of the bearish thesis could occur if the bulls re-hurdle the $0.00001040 liquidity zone. A spike through the prior resistance area could trigger a countertrend rally toward the 21-day simple moving average at $0.0001074. The price of Shiba Inu will rise by 10% if the invalidation scenario occurs.
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