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- The price of the Shiba Inu is down 20% so far this week due to the FTX crisis.
- The Shiba Inu price forecast shows a further 45% drop if the bears break some key support areas.
- Buyers are waiting for the price retest of the demand zone to reverse the trend.
Shiba Inu and Dogecoin were both affected by meme-coin sellers due to the FTX crash in the crypto market. DOGE looks weaker than SHIB this week as both are down over 20% this week. Recovery is unlikely as of now as every rise turns into a favorable opportunity for sellers.
There is only one Bullish Green candle in the last 8 trading sessions. In the short term, buyers can hold the digital asset above the monthly low but long term outlook. On the weekly chart, the price action has so far attracted low-highs. Thus, the Shiba Inu is down 20 this week after seeing the gravestone doji candle last week.
Against the USDT pair, SHIB stays red by 2.73% in intraday trading session. Thus it is trading at $0.00000971 at press time. 10 November’s price recovery was unable to meet buyers expectation, resulting in, Buyers awaiting the price retest of the demand zone to reverse the trend.
Average Directional Index (ADX) is Decreasing lower
In terms of the daily price scale, the 20 day moving average moves over the current price of SHIB. If buyers turn up trends, then they will have to struggle at this level. Unfortunately, Shiba Inu price prediction displays another 45% drop if bears break down the demand zone (above the chart).
RSI indicator observes 34 mark today, and tends towards the oversold zone. However, the Average Directional Index (ADX) started moving down and suggested weak strength in the bearish trend.
Conclusion
SHIB bulls need to hold price above the demand zone to defend themselves from another scary drop down. Although, trading volume decrease reflects low volatility in the market despite the FTX crash. But still, Shiba Inu price prediction indicates another 45% drop in upcoming trading days as per long-term outlook.
Support level – $0.0000085 and $0.000007
Resistance level – $0.000010 and $0.000015
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
