Shiba Inu price in penalty box with descending trend channel chasing bulls away
|- Shiba Inu price sees chances for a return to $0.00001000 diminish by the minute.
- SHIB is stuck in descending trend channel with bears comfortably in the driver's seat.
- Do not expect bulls to return anytime soon as long as the descending trend channel remains in play.
Shiba Inu (SHIB) price has been handed over to the law of physics as the chart is starting to show proof of gravity even in altcoins. SHIB bulls are nowhere to be seen as only a handful venture to build a stake in Shiba Inu at the present. With the descending trend channel firmly aligned and acting as a scarecrow in the face of any would-be bulls, a return to $0.00001000 is almost impossible, while the downside points to $0.0000750 or another 15% lower.
Shiba Inu sees bears plucking bulls as price action only goes lower
Shiba Inu price is suddenly in a rough spot with no support nearby to make a quick recovery back up to $0.00001000. That level represented a line in the sand until last week and its defaulting under bearish pressure was completely unforeseen. A week later, changes look very slim for a quick return back up there, and traders will start to prepare for levels rather south of $0.00000850 than north.
SHIB is expected to drop another leg lower later this Wednesday and into this week as support on the bottom side already got broken at the monthly S2 at $0.00000850. Bearish pressure will keep price action in Shiba Inu subdued and hold it near the lower end of the trend channel until it runs into support. That support is likely at $0.00000750 and bears another 15% loss from where SHIB is trading on Wednesday in the European session.
SHIB/USD 4H-chart
A quick turnaround could come with a bounce off the lower trendline and heading to the upper one. As mentioned already, $0.00001000 is out of reach, though $0.00000966 could still be in its grasp. That would mean a 10% profitable pop in a down-trending altcoin.
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