Shiba Inu Price Prediction – Holding SHIB may become problematic 

  • Oct 12, 2022, 03:05 UTC
Shiba Inu Price Prediction Holding SHIB may become problematic

In Short

  • Shiba Inu price has lost 10% of market value during the current decline.
  • SHIB price has breached extremely oversold levels on the Relative Strength index.
  • Invalidation of the downtrend thesis is a breach above $0.000011.

Shiba Iny price hints that the downtrend move is far from over. Key levels have been defined.

Shiba Inu price can fall further

Shiba Inu price has been in the midst of a sharp liquidation that has finally broken through the $0.00001000 barrier. To start the second trading week of October, the bears have caused a 10% loss in market value. The decrease in price that is being seen was caused by the bears’ rejection from the 21-day simple moving average on Sunday, October 9th.

Shiba Inu price currently auctions at $0.00001026 after a recent dip caused the price to breach the July 13 swing low at $0.00009970 momentarily. Several levels that supported the infamous meme coin in September have been destroyed. The Relative Strength Index is severely oversold. Before bears continue to exercise their influence, the indicators suggest a bounce may occur soon but will likely be short-lived. The $0.00000750 liquidity levels will probably be breached if market conditions persist.

SHIB USDT 3-Hour Chart
SHIB USDT 3-Hour Chart

Invalidation of the bearish thesis could occur if the bulls re-hurdle the $0.00001100 liquidity zone. As a double-back test, a spike through the prior resistance area could trigger a countertrend rally toward the 8-day exponential moving average at $0.0001130. The price of Shiba Inu would rise by 12% if the invalidation scenario occurred. 

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.