- Shiba Inu price is set to rebound back to either $0.00001400 or $0.00001708.
- SHIB price is still under plenty of bearish pressures as the downtrend is nowhere near an end.
- The current turmoil in stablecoins is negatively impacting cryptocurrencies, setting the scene for SHIB to drop towards $0.00000655, breaching $0.00001000.
Shiba Inu (SHIB) price is recovering a bit after it incurred massive losses and instead looked like a wounded deer that has its life hanging by a thread. It is not just the dollar strength and the correction in the stock market but also the weak point in cryptocurrencies that have been exposed in total, with Tether and Stablecoins questioning their credibility. An existential crisis is not yet in the making, but once SHIB price dips below $0.00000655, a total liquidation could be at hand.
SHIB price has the world questioning who will step in to catch the first domino falling
Shiba Inu price is falling off its pedestal, and saw a massive outflow of capital these past few trading days. Although the markets look set to close the week by paring back some losses or even possible small gains, that does not mean that all is forgiven. Where investors and traders are always happy to buy the dip, SHIB price is not seeing a volume return.
SHIB price has that massive headwind blowing in its face after more questions are raised on Tether and Stablecoins. Since those are all privatised firms and enterprises, not providing any detail on their balances (as apparently, they are afraid to give away the secret sauce), at any moment now, one Stablecoin could default, triggering a massive domino-effect with no failsafe system as there is not one central bank mandated to intervene and stop the next domino from falling. With that reassessment of risk, SHIB will need to correct further and is set to be rejected around either $0.00001400 or $0.00001708 and see bears using those handles to push the price to the downside near $0.00000655.
SHIB/USD daily chart
On the upside, only breakthrough headlines can save the day for now, with either headlines that a peace truce has been reached between Russia and Ukraine or that inflation is slowing down across the globe. Once some positive headlines cross the wires, expect SHIB price to pierce through the recent supports turned into resistance and break above $0.00001708. A pickup in buying volume could be seen with renewed trust, resulting in SHIB ticking $0.00002282 with the green ascending trendline, the 55-day Simple Moving Average and the monthly pivot as a triple cap to the upside.
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.