Shiba Inu price could be setting up for a devastating decline and print new yearly lows in the process. Key levels have been defined to determine SHIB’s next potential landing grounds.
Shiba Inu price is underwater
Shiba Inu price has been trading range bound for the majority of December. On December 15, SHIB ricocheted between a 10% range. Earlier in the week, a death cross surfaced on the notorious meme coin’s larger time frames. The 21-day simple moving average hurdled over the 8-day exponential moving average while SHIB auctioned below both barriers.
Shiba Inu currently trades at $0.00000885. Following the bearish cue, the bulls attempted to hurdle the $0.00000900 resistance zone but failed twice on day-trading time frame.
If market conditions persist, a breach of the December 13 low at $0.00000861 could induce a liquidation by targeting the November lows and potentially the yearly lows near $.00000760.
Invalidation of the bearish thesis could arise if the bulls can hurdle the December 13 resistance level at $0.00000932. If the breach occurs, SHIB could prompt a countertrend rally towards the November 10 swing high at $0.00001055. The Shiba Inu price would increase by 20% due to the bullish surge.
