The Shiba Inu price has lost 6 percent of its market value during this week’s decline. SHIB has surpassed oversold levels on the Relative Strength Index (RSI). It is also showing a new downward trend, according to some experts. For the bearish view to be invalidated, the coin must rise above $0.000001040. Here are the details and analyst opinions…
Traders on the decline show strength
Shiba Inu price hints that a strong downtrend move continues. To gauge the strength of traders that are bearish in the altcoin, analysts have identified key levels. As we reported on Kriptokoin.com, the meme 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 support 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 value. 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) is back in the oversold territory. Between the last two countertrend retaliation, it has created a bearish bias.
SHIB investors are waiting for a big pain?
According to the analyst, if the technical information is correct, SHIB investors could suffer severely. Bearish targets are held at the $0.00000900 and $0.00000750 levels. The analyst states that if these levels do not hold, the coin is very likely to drop to $0.00000700. Such a move would result in a 30 percent drop, according to the expert.
Also, if the bulls again obstruct the $0.00001040 liquidity zone, the bearish thesis may be invalidated. An increase in the previous resistance area could trigger a countertrend rally from the $0.001074 low to the 21-day simple moving average. According to the analyst, if the bearish trend scenario is invalidated, the price of the Shiba Inu will increase by 10 percent.
What is the latest situation in the price of meme coin?
Meanwhile, the Shiba Inu is changing hands at $0.000000978, down 3%. The meme coin, which has a market capitalization of $ 5.7 billion, fell to 14th place with its 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. As we reported as Kriptokoin.com, SHIB broke a record with $ 0.00008616 on October 28, 2021, last year. Since then, it has dropped 88.7 percent.
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