|

Shiba Inu price signals mayhem in the market as bears aim for new all-time lows

  • Shiba Inu price next Fibonacci projection target lies 17% below the current price level.
  • A break below $0.00000750 could justify a short entry targeting $0.00000500 as the price action has fallen in free-fall manner.
  • Invalidation of the downtrend is a breach at $0.00000950.

Shiba Inu price shows no end in sight as bears take a brief pause following the early week sell-off

Shiba Inu price is unforgiving

Shiba Inu price continues to lose value as the bearish decline shows no remorse. On Wednesday, the SHIB price trades at $0.00000777, and the bulls are effectively establishing a doji candle on the 2-day chart. Practical traders seeing this signal will likely stay away from the self-proclaimed DOGE killer, but more risky traders may be enticed to open a short position in aim to partake in the next slide. A breakdown below the Doji candle at $0.00000750 could trigger mayhem in the market, sending the Shiba Inu price into the all-time low territory.

Shiba Inu price now hovers just 35% above the all-time lows at $0.00000510. A Fibonacci projection tool from the all-time highs at $0.00008854 into the sideways triangular figure, which began in February, projects a 100% Fib level 17% below the current Shiba Inu price at $0.00000678, providing subtle confluence to a continuation of the downtrend. The devalued target is centered within a monthly zone that commenced throughout May and ended in mid-September of 2021, a catalyst to the infamous October 2021 10X bull run.

TM/SHIB/6.15.22

SHIB/USDT 2-Day Chart

Invalidation of the downtrend is a breach above a descending trendline currently positioned at $0.00000950. If the bulls breach this level, a rally could occur to $0.00001400, resulting in a 75% increase from the current Shiba Inu price.

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:

Editor's Picks

Hyperliquid Price Forecast: Downside risk looms as momentum stretches thin

Hyperliquid price is trading in the red on Monday, stalling after 10% gains last week. HYPE-focused Exchange Traded Funds recorded their fifth consecutive weekly inflows, projecting steady institutional demand. The technical outlook for HYPE warns of potential downside risk as bullish momentum stretches thin.

Cardano Price Forecast: Strengthening momentum points to cautious upside extension

Cardano trades around $0.222 on Monday after rallying over 15% last week. Mixed derivatives data and mildly bullish on-chain metrics point to cautious market sentiment. Meanwhile, strengthening momentum indicators suggest ADA could see further gains if the recovery continues.

Crypto Overview: Bitcoin faces sell wall at $82,850 – Jupiter, Zcash rally

Bitcoin price tumbles below $80,000 on Monday amid improved odds of a rate hike with the robust US employment data. Institutional demand holds firm with crypto-focused Exchange Traded Funds recording nearly $1.25 billion in inflows last week. Jupiter and Zcash extend gains over the last 24 hours, leading the broader crypto market rally.

Top 3 Price Prediction: Bitcoin, Ethereum, Ripple – BTC consolidates near recent highs, ETH and XRP defend key bullish supports
Bitcoin (BTC), Ethereum (ETH) and Ripple (XRP) maintain a constructive outlook on Monday after gaining more than 3.4%, 4% and 4.8%, respectively, last week. BTC holds steady near $80,000 while ETH and XRP show resilience and defend key support zones. The price action of these top three cryptocurrencies suggests consolidation or a mild pullback before an upside move.
Bitcoin: Gearing up for a sharp move
Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.