• Shiba Inu price in ideal bearish trading conditions in the Ichimoku system.
  • SHIB is trading below its 2021 VPOC (Volume Point-Of-Control).
  • Oscillators support further downside momentum.

Shiba Inu price action is extremely bearish and under threat from a substantial push to new all-time lows. SHIB ended the prior trading week with a 8.5% loss and is currently down 5.4% to start this week. A move from $0.00000689 to $0.00000418 is the next primary swing south. 

Shiba Inu price is highly bearish, with little support below $0.00000646

Shiba Inu price action is likely to take another dive south. Shiba Inu made new lows last week, tagging the $0.00000503 price level before rallying higher with the rest of the cryptocurrency market. It is trading inside a larger triangle/pennant pattern, which is positioned within that pattern to experience its breakout. Unfortunately, the breakout is likely to the downside. 

Within the Ichimoku system, Shiba Inu is currently displaying one of the most bearish trade setups in the Ichimoku system: the Ideal Bearish Breakout. SHIB has all conditions for that Ichimoku pattern to be true:

  1. Price below the Cloud, Tenkan-Sen and Kijun-Sen.

  2. Tenkan-Sen below Kijun-Sen.

  3. Future Senkou Span A below Future Senkou Span B.

  4. Chikou Span below the candlesticks and the Cloud. 

Shiba Inu US dollar price chart

SHIB/USDT Daily Chart

An accelerated move lower will likely occur when there is a daily close below the September 8 close of $0.00000667. The targeted zone where SHIB will find some support is the 100% Fibonacci Expansion at $0.00000418. 

Bears will want to be wary of a powerful bear trap, however. If bulls can return the Chikou Span to a position above the candlesticks and above the Cloud, conditions will be perfect for a rally. Conversely, a close above $0.00000850 will invalidate any near-term bearish continuation for SHIB. 

Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.

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