fxs_header_sponsor_anchor

Shiba Inu Price Forecast: SHIB confirms a 25% crash

  • Shiba Inu price shows a breakdown of the inclined trend line and the immediate support level at $0.0000118.
  • This trend reversal could see SHIB drop 25% to $0.0000083.
  • A daily candlestick close above $0.0000118 will invalidate the bearish outlook.

Shiba Inu price has been waiting to find a perfect support level for months after its recent explosive move. Despite undoing the gains of the last rally, SHIB has not reached a stable foothold. However, things are looking up as the meme coin prepares for a volatile move.

Shiba Inu price ready for a quick descent

Shiba Inu price has been hovering above the $0.0000118 support level for more than a month. After it flipped this level on August 5, it consolidated above it for some time before triggering a 50% rally. 

Although the Shiba Inu price undid these gains in the next few days, it traded above the inclined trend line and a horizontal support level at $0.0000118. However, on September 15, SHIB breached this confluence, confirming the start of a downtrend. 

If this trend continues, Shiba Inu price will likely crash 25% and fill the inefficiency, extending from $0.0000083 to $0.0000093. This move, from a short-term perspective, could seem bearish but it will set a base for the long-term bullish play.

For more details on how this drop factors into the larger outlook check this article out.

This support level promises a 120% recovery rally for Shiba Inu price

SHIB/USDT 4-hour chart

However, if Shiba Inu price takes a U-turn and produces a daily candlestick close above the $0.0000118 barrier, it will denote weakness among the bears. If this hurdle is flipped into a support floor, it will invalidate the bearish outlook. This development could see Shiba Inu price prematurely trigger the run-up to $0.0000179.

Note:

This video explains the short-term and long-term outlook for Shiba Inu and how you can position yourself accordingly.

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.


RELATED CONTENT

Loading ...



Copyright © 2024 FOREXSTREET S.L., All rights reserved.