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- 1 Shiba Inu’s price fell 16% in last month’s sessions and to break the 50-Day EMA crucial support.
- 2 SHIB price faced rejection from upper levels and reverted down.
- 3 The Shiba Inu crypto displays signs of a bearish trend in a daily time frame.
The price of Shiba Inu is showing signs of weakness and may drop further. It failed to break the resistance and turned down, suggesting a downtrend on the daily chart. The downtrend will be confirmed if the price closes below the $0.00000800 level.
The sharp fall in SHIB price worried its investors. However, the buyers are still active near the support and will try to push the price up. If the buyers can hold the support, new traders might join and buy at a lower price.
The SHIB crypto fell below the 50-Day EMA, showing that the bears are gaining control. If the price stays below the 50-Day EMA, then the chance of more decline will increase significantly.
The price movement is very unstable, showing that the traders are speculative and big swings are likely. This also means that false breakouts are possible. So, the bears should be cautious before adding more shorts.
Right now, the SHIB/USD pair is trading at $0.00000910 with a 0.89% rise in the day. The volume in the last 24 hours is 68.50 Million.
Is the Downfall in Shiba Inu Price Temporary?
The price of Shiba Inu saw a steep drop from the upper level. It looks like the price correction has started and the bears will slowly take over. The demand zone is now at lower levels and the bears’ power is evident.
The SHIB price needs to recover its momentum, otherwise the sellers will keep dominating. So, new traders should not buy this crypto at these levels. They should wait for a clear trend before entering any trade.
The analysis indicates that the drop is real and more downside is likely after a small bounce.
SHIB price is becoming bearish and sellers are managing to wrestle control from the buyers.
If the price falls below the key level then the SHIB gains of the previous months will vanish. It will hurt the confidence of the investors and trigger more selling. However, the buyers will not give up easily and try their best to stop the fall.
Summary
The Shiba Inu price forecast turned slightly bearish. The recent drop was loaded with momentum, so further drop is likely. The analysis indicates that the SHIB price will test the lower support zone before showing a solid bounce.
Technical levels
Resistance level: $0.00000951.
Support levels: $0.00000800.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your own research before making any financial decisions.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
