How the Shiba Inu price is preparing to wipe all gains made this summer

Shiba Inu price has lost 30% of market value this week.
SHIB price has more space to fall on the Relative Strength Index.
Invalidation of the bearish thesis remains a closing candle above $0.00001700.

Shiba Inu price is mirroring technicals forecasted throughout the beginning of summer. If market conditions persist, a breach of the July 13 swing low at $0.00000970 will likely occur.

Shiba Inu price falls as expected

Shiba Inu price shows bearish signals that investors ought to be aware of. Since July, the notorious meme coin was setting up a bullish spike towards $0.00001700. Forecasts were warning traders to actualize profit near the target zone as the technicals and on-chain metrics suggested a sharp reversal could occur after the bullish spike

On August 12, the Shiba Inu price witnessed a 35% spike into the anticipated target zone. Since the one-day spike occurred, the SHIB price has fallen in a freefall fashion, leaving traders who may have been late to the profit-taking opportunity stifled whether or not the SHIB price will give a second chance at taking a profit.

Shiba Inu currently auctions at $0.00001232, 30 percent less than the bullish target zone. The Volume Profile indicator near the top of the bullish spike and Relative Strength Index with sufficient cushion space above an ideal buyer’s level suggest the SHIB price could continue falling. Additionally, September has been a bearish month for Cryptocurrencies for four years.

Invalidation of the bearish thesis targeting the July 13 swing low at $0.00000970 is a breach and closing candle $0.00001700. If the bulls can breach this level, they may be able to rally as high as $0.00005400, resulting in a 100% increase from the current Shiba Inu price

In the following video, our analysts deep dive into the price action of Shiba Inu, analyzing key levels of interest in the market. -FXStreet Team

Share: Cryptos feed

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. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram