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Shiba Inu Price Prediction: Is SHIB the best crypto to short?

  • 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.

tm/shib.10/20/22

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.

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.

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