- Shiba Inu’s price has lost 30% of its market value this month
- The Volume Profile Indicator suggests bears are strong enough to push prices lower
- Invalidation of the bearish thesis is a breach above $0.00001700
Shiba Inu’s price displays reasons to be concerned. A “sweep-the-lows” event is within reach.
Shiba Inu’s price points to destruction
Shiba Inu’s price is in an unfortunate bind. On August 13th, after a one-day 35% price hike, the bears quickly jumped into the market. At first, what appeared to be a normal profit-taking consolidation eventually morphed into an all-out penny-from-Eiffel-style mudslide. During the final trading days of August, the technicals suggest more losses could occur.
Shiba Inu’s price currently auctions at $0.00001243 as the bulls are attempting to retrace into the recently breached 8-day and 21-day simple moving averages (SMA); the SMAs were a part of the destructive force contributing to the 30% decline this month as they successfully produced a bearish death cross.
The volume profile indicator shows an extreme weighted position suggesting the bears are not done suppressing the price. If market conditions persist, traders with safety stops below July 12th swing low at $0.00000980 could soon witness pain.
Still, markets are always subject to evolving and one should never be too concrete in any analytical interpretation. Nonetheless, invalidation of the bearish thesis is a breach above $0.00001700. If the bulls can conquer this level, they may be able to induce a rally targeting $0.00002500, resulting in a 100% increase from the current Shiba Inu price.