- Shiba Inu price shows a persistent tapering pattern on the Volume profile.
- SHIB is currently down 15% during the month of August.
- Invalidation of the bearish thesis is a breach above the summertime high at $0.00001800.
Shiba Inu price points south, but short-term bullish liquidity hunts may still be a part of the equation. Key levels have been identified.
Shiba Inu price merits caution
Shiba Inu price is close to its next big move as the bears have been stair-stepping the price south since the beginning of September. At the current time, the world’s favorite meme coin is down 15% since the month began as the bears have managed to breach both the 8-day exponential and 21-day simple moving averages. If market conditions persist, a sweep event targeting the summertime lows at $0.00000978 is likely to occur.
Shiba Inu price currently auctions at $0.00001164. The bears are attempting to push the self-proclaimed DOGE killer through the last level of support on the Relative Strength Index. Still, day trading bears should be very cautious of where they place their stop losses as the Volume Profile Indicator shows a steady decline in transactions amidst the current downtrend.
Thus’ the safest invalidation of the downtrend thesis targeting $0.00000978 is a breach of the summertime high at $0.00001800. If the bulls can reconquer this resistance barrier, a buyers’ frenzy could ensue targeting the April 29th swing low at $0.00001839. Such a move would result in a 57% increase from the current Shiba Inu price.