“Shiba Inu (SHIB) is not enjoying the last two weeks of price action as the price has slipped down and burned roughly 40% of the value,” according to crypto analyst Filip L. Bears weighed heavily on SHIB, with headwinds from global markets and geopolitics as key themes for the past week. Cryptocoin with Filip L’s own narration of SHIB analysis. We have prepared for com readers.
“Shiba Inu adjusted another 5% to 10% drop”
SHIB is not doing well and has not seen the bulls stepping in to save the day, although there are signs that the bulls are trying to overhaul the current trend. But headwinds from global markets proved too great to be overcome. The Fed’s tightening cycle announcement spooked investors and introduced a more subtle risk-aversion tone that filtered down on the Nasdaq. This also proves why the bulls are not overcoming the current downward move in SHIB price action.
The Shiba Inu price is also technically not in a good spot. As this week looks set to close below the 200-day Simple Moving Average at $0.00002495, this should be perceived as a very bearish signal that could set the tone for more downsides. In the coming week, it seems inevitable that the bears will hold the upper hand and retest last week’s low at $0.00001708 for a retest and an attempt for a downside breakout.
Investors will sooner or later look beyond the tantrum and begin to see the potential of cryptocurrencies. This will trigger a quick reversal, creating a situation that could push the bears to $0.00002495 in the first stage. When the bears push against the 200-day SMA, a quick breach could be triggered, taking a few stops from the bears in the process to find $0.00002640 on the upside.
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