|

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

XRP extends recovery as on-chain activity grows
Ripple (XRP) ticks up and trades around $1.13 at the time of writing on Tuesday. This rebound aligns with a broader recovery in the cryptocurrency market, attributed to reports that mediators between the United States (US) and Iran are seeking a 10-day cessation of strikes to find a way back to the signed Memorandum of Understanding (MoU).
Ethereum Price Forecast: ETH continues July uptrend with 20% rise after triggering buy signal
Ethereum (ETH) has gained 3% on Tuesday, extending its July gains above 20% after key on-chain indicators highlighted a resumption of buying activity. The strong performance so far in July comes a few days after ETH triggered the Market Value to Realized Value (MVRV) Buy signal. ETH has been up by roughly 22% since the signal.
Chainlink becomes top 20 best performer, 3 reasons behind the move
Chainlink (LINK) has become the best-performing asset in the top 20 this week, leading every other major cryptocurrency. The cryptocurrency jumped 10.18% to $8.71, its highest level since early June. Three major factors explain the double-digit rise over the past week.
Crypto Today: Bitcoin, Ethereum, XRP extend rebound amid returning institutional capital inflows
Cryptocurrency prices extend a broad recovery, led by Bitcoin (BTC), trading above $66,000 at the time of writing on Tuesday. Ethereum (ETH) remains bullish above $1,940, after logging four straight days of gains. Meanwhile, Ripple (XRP) hovers around $1.13, building on the reclaimed $1.10 critical level.
Bitcoin’s potential recovery in the second half hinges on these 4 catalysts
Bitcoin (BTC) has fallen over 34% in the first half of this year as the King Crypto failed to capitalize on a good semester for risk assets despite the woes from the Iran war.