- Shiba Inu price consolidates with buyers and sellers getting squeezed toward each other this week.
- SHIB price sees a very confident trading rate with a slight difference between the high and the low for this trading week.
- Expect to see a break to the downside as bulls cannot underpin price action in a joint effort.
Shiba Inu (SHIB) price is seeing bulls making an effort to slow down at least the downtrend in SHIB price action that is on the cusp of closing its eighth straight week of losses by Sunday night. Bulls are due for a lesson in simple economics where the power of unity would be more impactful if one price point were agreed upon to join forces (and cash, for that matter) to trigger a turnaround or at least a knee-jerk reaction. Expect a drop towards $0.00000507 before the bulls jump all at once on the same level and try to turn the tide back to $0.00001000.
SHIB price nears its inflection point of turnaround
Shiba Inu price is not near its point of return yet, as an eighth straight week of losses looks to be in the making. With global markets on edge, these past few weeks and central banks have had the most attention, it is clear that this global theme that impacts us all is not going away anytime soon. The inflation issues, and in a domino effect, the impact on our disposable income, is a big issue for cryptocurrencies as its valuation dropped below 1 trillion USD and is seeing cash being pulled out at a fast rate.
SHIB price is thus running dry and out of cash to burn to fund a rally back towards $0.00002000 or even $0.00003000. But the devil is in the detail, as SHIB price could still drop towards $0.00000507, that could be the line in the sand for bulls to create a turnaround moment. With joint effort and a lot of volumes, bulls could halt the downtrend at that point and create a bounce off that, depending on the momentum and other factors like the dollar strength, could see a rebound towards $0.00001500 or even $0.00001708.
SHIB/USD weekly chart
With that ‘strategy’ where bulls would wait for a drop lower by roughly 40% comes the risk that the bearishness is too much to withstand. Would that be, for example, a perfect storm where a cryptocurrency firm defaults, dollar strengths and global markets are selling off with flights to safe havens, that $0.00000500 level would break like a wooden cottage and be no match for the avalanche that is coming towards the bulls. In that case, a firm correction with price action makes SHIB, a penny stock, almost worthless.
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 Price Forecast: BTC recovers as Donald Trump takes lead on polls
Bitcoin (BTC) slightly recovered to around $68,800 on Tuesday, following a shift in the United States presidential race that saw former President Donald Trump regain the lead, after US spot Bitcoin ETFs experienced an outflow of over $540 million on Monday.
Crypto markets brace for volatility in tight race between Trump and Harris
The US presidential election is one of the most significant events in the world. Due to the influence of the country’s political decisions, policies, and economic approaches, it can significantly impact crypto and global markets.
Trump-inspired memecoin MAGA shows bullish on-chain metrics ahead of US elections
MAGA (TRUMP) trades slightly down to around $3.4 on Tuesday after rallying more than 20% since Sunday. The former President Donald Trump-based memecoin is poised for further gains as daily active addresses and network growth metrics rise, signaling increased network usage and adoption
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.