Shiba Inu (SHIB) price has approached a critical support level where it will potentially drop further. An analyst known for his accurate predictions says that if this happens, the price will drop by 30%.
Shiba Inu (SHIB) price tired of seeking support
After being rejected at $0.00001500 on Thursday evening, the price of Shiba Inu (SHIB) took a significant decline. Price action has since returned a large portion of the gains. The monthly resistance level cannot act as support at the current price level for now. So the bears stand by to push the Shiba lower. FXStreet analyst Filip predicts that Shiba will fall 28% in the best-case scenario, while $0.00001209 will be critical support.
If the bulls don’t rise, the Shiba price will fall into the hands of the bears
The Shiba Inu is lackluster today as it almost fully refunded Thursday’s gains. Monthly R1 pivot, more and more over the previous days, the resistance that will keep the bears away from $0.00001209 is decreasing. The hit analyst lays out a scenario that would result in a 30% drop if the bulls fail to hold $0.00001209. As a result, if SHIB breaches the $0.001209 support, Filip’s 30% collapse will be the start of the forecast.
There will be a more positive atmosphere if the bulls show signs of recovery from current levels. The worst case scenario for Shiba at the moment is the break of the critical bull support at $0.00001209. After the price breaks the zone to the downside, the bulls have few middleman components to stop the decline. In addition, this region poses a significant systemic risk for the coming months. After $0.00001209, the next target for the bears will be $0.000001000. According to the analyst, sellers have enough power to break this level. After $0.00001209 and $0.000001000, $0.00000965 depicts analyst Filip’s 30% bearish scenario.
On the other hand, the critical level around $0.001209, where the 55-day SMA intersects, could present an opportunity for a rebound. An alternative optimistic scenario would see the price rise from the MA and break $0.00001500 first, before SHIB price climbs to $0.00001708 and registers a 27% gain.
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