Shiba Inu price faces brutal rejection, next stop is $0.0000092 unless…
- Shiba Inu price faces a rejection at $0.0000118 resistance level after multiple attempts.
- A continuation of this downtrend could knock SHIB to a key level at $0.0000093.
- Invalidation of the downtrend will occur if the meme coin can flip $0.0000118 hurdle into a support floor.
Shiba Inu price has already seen its fair share of collapse due to the ongoing rumors of Alameda’s balance sheet. As a result, Bitcoin, Ethereum and altcoins, including SHIB have witnessed a sell-off.
With the Dogecoin-killer, however, there is a chance for recovery, especially if buyers manage to overcome the selling pressure and flip a significant hurdle into a support floor.
Shiba Inu price faces a decisive moment
Shiba Inu price retested the $0.0000118 resistance hurdle four times but failed to overcome it. Just in the nick of time, the rumors about Alameda’s balance sheet problems escalated, resulting in a market-wide selling frenzy.
As a result, SHIB has shed roughly 12% in the last two days and will continue to do so until Bitcoin price manages to stabilize. Therefore, the obvious direction for Shiba Inu price would be the immediate support level at $0.0000092 or the highest traded volume level at $0.0000080.
While accumulation at these levels is likely to result in handsome returns, investors need to be cautious about the overall market structure.
SHIBUSDT 1-day chart
On the other hand, if SHIB holders decide to call it quits and panic sell, buyers will have a chance to takeover. In such a case, if Shiba Inu price flips the immediate hurdle at $0.0000118 into a support floor, it will invalidate the bearish outlook.
This development will trigger sidelined buyers to step in and kick-start a run-up, potentially propelling Shiba Inu price to $0.0000179 to collect the buy-stop liquidity resting above.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
