Shiba Inu price has lost 6 percent of its market value during this week’s decline. SHIB has crossed oversold levels on the Relative Strength Index (RSI). Also, according to some experts, it shows a new downward trend. For the bearish view to be invalidated, the coin must rise above $0.000001040. Here are the details and analyst views…
Traders on the decline show strength
Shiba Inu price hints that a strong downtrend move continues. To gauge the strength of traders in the altcoin’s decline, analysts identified key levels. Koindeks.com As we have also reported, the chest coin continued to lose its market value throughout October. Meanwhile, the Shiba Inu price has become a problematic crypto asset to hold. The bulls lost a foothold at the $0.000001000 level. According to analyst Tony M., there is no evidence that the downtrend is ready to end.
In the third trading week of October, the bears caused a 6 percent drop in market cap. The drop in price was catalyzed by the bears’ rejection of the 8-day exponential moving average on Sunday, October 9. The Shiba Inu price is currently up for auction at $0.00000899. The Relative Strength Index (RSI) has returned to the very sell zone. It has created a bearish bias amid the last two countertrend retaliation.
SHIB investors are waiting for a big pain?
According to the analyst, if the technical information is correct, SHIB investors may experience significant pain. Bearish intentions hold at the $0.00000900 and $0.00000750 levels. The analyst states that if these levels do not hold, it is very possible for the coin to fall to $ 0.00000700. According to the expert, such a move would result in a 30 percent drop.
Also, if the bulls block the $0.00001040 liquidity zone again, the bearish thesis may be invalidated. An increase in the previous resistance area could trigger an accurate countertrend rally to the 21-day easy moving average from $0.001074. If the bearish trend scenario is invalid, the price of the Shiba Inu will increase by 10 percent, according to the analyst.
What is the latest situation in the price of meme coin?
Meanwhile, the Shiba Inu is changing hands at $0.000000978, down 3%. Chest coin, which has a market capitalization of $ 5.7 billion, fell to 14th place by market capitalization. In the past months, it was ranked 12th. The price change of the Shiba Inu in the last seven days is 6.2 percent. Koindeks.com As we have also reported, SHIB broke a record last year with $0.000008616 on October 28, 2021. Since then, it has dropped 88.7 percent.