• Shiba Inu price sees investor interest fading as price consolidates far away from $0.00001708.
  • SHIB price drifts further to the downside as pressure builds for a new low for 2022.
  • Expect to see a correction back to $0.00000507, saying goodbye to $0.00001000.

Shiba Inu (SHIB) price is too far gone from the significant pivotal level of $0.00001708 to make a strong comeback for now. Expect to see price action consolidate around current levels, slightly above $0.00001000, before another round of tail risks will come back to bite price action and trigger another drop in value. SHIB price looks set to slip below $0.00001000, trigger a trust crisis amongst investors, and finally settle at $0.00000507, losing another 60%.

SHIB price set to trigger a confidence vote amongst investors

Shiba Inu price is not really falling on the right side of the trade these past few weeks as SHIB is set to close out the week with a fifth consecutive loss. By doing so, investors and traders must start to be fed up with the almost puberal mood swings the cryptocurrency is having and being an outlier when cryptocurrency markets are rallying, and SHIB price being one the few that is bleeding at that exact moment. Expect to see more outflow of capital funds, making the price action less supportive and possibly triggering a falling knife soon. 

SHIB price still has the $0.00001000 big figure in its corner, backing price action to consolidate above for now. But the backpack of geopolitical issues and tail risks is growing by the day as more unresolved issues are putting too many question markets around the secured path forward. Expect with that uncertainty and the sometimes unpredictable price moves in SHIB, investors start to lose confidence and could trigger at least another test at the $0.000010000 psychological level. Should that level be breached again, expect to see SHIB price axed in half towards $0.00000507 as investors will be fed up with carrying the loss on their investments and look the other way.

SHIB/USD weekly chart

SHIB/USD weekly chart

One element that could ease the weight of the bearish backpack is when those tail risks can be deflated. That would come with some dovish comments from the FED or BOE or if the Ukraine news flows fades further to the background as the situation on the ground stabilises. That could trigger a quick turnaround with SHIB price back to $0.00001500, and bulls pressing against the red descending trend line to create a breakthrough on the descending trend line and touch $0.00001708 before trying to rally towards $0.00002100 and testing the 55-day Simple Moving Average as price cap to the upside;

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed Join Telegram

Recommended content


Recommended Content

Editors’ Picks

Coinbase’s new SOL staking program won’t save Solana price from this brutal outlook

Coinbase’s new SOL staking program won’t save Solana price from this brutal outlook

Solana price is lacking bullish momentum, which has led to a huge correction. This pullback comes after an impressive recovery rally seen across the entire crypto space. 

More Solana News

Why short-sellers are moving to trade Ethereum price

Why short-sellers are moving to trade Ethereum price

Ethereum price faced rejection after failed attempts to move past a significantly important resistance barrier. This development has led to ETH reversing the trend and returning to a stable support level, which will now decide the fate of the smart contract token.

More Ethereum News

North Korea's Lazarus Group suspected of hacking another top tier cryptocurrency project

North Korea's Lazarus Group suspected of hacking another top tier cryptocurrency project

Blockchain analytics firm Elliptic has found a strong connection between North Korea’s Lazarus Group and the $100 million crypto hack on Harmony’s Horizon Bridge.

More Cryptocurrencies News

Dogecoin price is primed for a significant movement

Dogecoin price is primed for a significant movement

A brief technical and on-chain analysis on Dogecoin price. Here, FXStreet's analysts evaluate where DOGE could be heading next.

More Dogecoin News

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin: Everything you need to know about BTC 200-week MA

Bitcoin price has gone through turbulent times over the last few months. From reaching a new all-time high to hitting yearly lows and revisiting levels since 2020, the crypto markets have been extremely volatile.

Read full analysis

BTC

ETH

XRP