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- Shiba INU price noted on October 13th at a 100-day low of $0.00000924 mark.
- Recently, the price trend formed another low-high below the downsloping trendline.
- Speculators saw a 57% drop in trading volume overnight to $181.8 million.
The price of Shiba INU has dropped to another 100 days low of $0.00000924 this week. Undoubtedly the cryptocurrency market is under strong selling pressure. This sell-off occurs only because of profit-booking at higher levels and buyers still create long positions. Hence, bounce by the bulls is not enough for stability.
The Shiba Inu price is performing poorly so far due to selling pressure. On the weekly time frame and low, SHIB price action forms a low-high formation, forming visible signs of a downtrend. Meanwhile, bears connected Wix, drawing a downsloping trendline (bottom of chart). Also a fresh low formed a lower-low formation.
Due to a fresh 100 days low this week, buyers are getting afraid to hold crypto in their portfolios. After seeing today’s price opening today, bears aim more selling in Shiba INU value. If buyers lose $0.000010 conceptual support level then, bears may drag crypto towards its annual bottom zones.
At the time of writing, the Shiba INU price against the USDT pair is trading at $0.00001009. Although bears breached this ideological support level but failed to close daily price candle below it. Buyers need to sustain asset price above this zone. Moreover, the Shiba INU belonging to the Bitcoin pair is slightly down 0.59% at 0.000000000528 Satoshis.
Shiba Inu price is remaining below the significant moving averages like 20,50,100 and 200 in terms of the daily price scale. Bulls have several bullish hurdles to the higher side.
The daily RSI indicator stays below the semi-line for over one month. Due to remaining below 50 level, buyers see a negative trend in SHIB crypto. In addition, MACD decreases lower in the negative region.
Conclusion
The Shiba INU price is trading close to conceptual round level of $0.000010 amid sell-off. RSI indicator shows weakness in crypto. On behalf of this bearish sign If buyers lose conceptual support level then bears may drag crypto towards its annual bottom zones.
Support level – $0.00000950 and $0.000007
Resistance level – $0.000014 and $0.000018
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
