What Shiba Inu price needs to end the downtrend
- SHIBA price is still consolidating within a range.
- Shiba Inu price has not delivered any substantial volume changes in the market.
- Invalidation of the bearish thesis is a close above $0.00001370.
Shiba Inu price still shows negative signals despite newly established optimism in the market.
Shiba Inu could fall again
Shiba Inu price is still trading with bearish undertones as the bulls display sparse strength at the $0.00001200 levels compared to the bearish selloffs. The current $0.00001000 level is still within a relatively common range for smart money to negotiate for the SHIB price. If the technicals are correct, there could be one more capitulation event in the future for investors to catch a discount.
Shiba Inu price provides further confluence to believe in one more drop using the Volume Profile indicator. The pattern is still unquestionably neutral and has not displayed a signal that demands bullish praise. If the $0.00001000 support levels are breached, a massive dip could occur, with targets at the $0.00000700 and $0.00000500 levels. Thus it is imperative that trainers wait for more confirmation from the notorious meme’ coin’s risky situation.
SHIB/USDT 2-Day Chart
Invalidation of the downtrend for the Shiba Inu price will be a bullish close above $0.00001370. If the bulls can establish said price action, a bullish target at $0.00003000 could hold merit resulting in a 150% increase from the current Shiba Inu price.
Author
Tony M.
FXStreet Contributor
Tony Montpeirous began investing in cryptocurrencies in 2017. His trading style incorporates Elliot Wave, Auction Market Theory, Fibonacci and price action as the cornerstone of his technical analysis.
