- Shiba Inu Price Prediction: We've all made gains, now here comes the pain
- Shiba Inu price falls in free-fall fashion after tagging last week's bullish target zones.
- Invalidation of the bearish thesis is a breach above $0.00001875.
Shiba Inu price could witness a sharp decline as multiple forecasts issued a warning of a potential pump and dump underway,
Shiba Inu price follows suit.
Shiba Inu price is continuing to validate technical outlooks forecasted throughout the summer. Last week, a 35% increase was forecasted ahead of time, enabling subscribers a chance to partake in a profitable swing trade.
However, the same bullish thesis gave a warning to immediately withdraw from the market upon reaching the intended $0.00001700 target zone as the uptrend appeared to be a part of a larger corrective structure. The technicals forecasted potential for a sharp decline once the target was reached.
Shiba Inu price currently trades at $0.00001428. The volume profile indicator shows a large uptick in transactions amidst breaching the bullish target, but the bearish stop candle hovering next to it depicts a concerning signal.
The bulls have yet to challenge the stop candles’ force, which showed more transactions than the previous consolidation zone, which led the way to a month-long consolidation in July. Additionally, the RSI shows the SHIBA price as more oversold than when the notorious coin traded 150% higher back in February 2022.
SHIB/USDT 1-Day Chart
When combined, Shiba Inu price could be heading south to collect liquidity at the $0.00000975 levels, a 33% decline from today's current value. Invalidation of the bearish thesis is now a closing candler above $0.00001875 until further notice.
Shiba Inu Trade Setup Recap
SHIB/USDT Bullish Trade Setup
Shiba Inu price has recently rallied an impressive 35% in just one day. Throughout the summer, the outlook on Shiba Inu price has been maintained at a short-term bullish stance with targets in the $0.00001400 -0.00001550 area. In last week’s bullish thesis, a 2.7-1 reward to risk trade setup was forecasted.
A volatile spike towards $0.00001300 could be a significant catalyst for higher targets. Invalidation of the uptrend remains at $0.00001150.
After spotting a bearish divergence on the daily chart, an update was issued which suggested trailing the profitable trade and continuing to aim for higher targets.
“Still, the intended target zone at $0.00001400 is within arms reach. If the target is surpassed, traders may want to consider actualizing the profit as bearish divergences tend to result in liquidations after the fact. Early signs of uptrend weakness will be a break below $0.00001217.”
Shiba Bearish Divergence Thesis
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
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.
Recommended Content
Editors’ Picks
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.