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.
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.