Why Shiba Inu price could be a great short for day trading bears

Shiba Inu price shows declining volume with each countertrend rise.
The Relative Strength Index breached oversold territories and has yet to rise into the opposite extreme.
Invalidation of the bearish thesis is a breach above September's monthly high.

Shiba Inu price shows substantial evidence that bears are in control and will soon force the notorious dog coin into lower prices.

Shiba Inu price is likely to fail

Shiba Inu price is having difficulty rising to higher targets. During September, the infamous meme coin's performance was highly unstable as traders encountered shakeouts and fakeouts in both directions. Although the SHIB price has been a more challenging digital asset to trade, there may be an opportunity to short the digital asset in the coming days,

Shiba Inu currently trades at $0.00001100. The cumulative volume has tapered during each countertrend spike in the market. According to the Volume Profile analysis, this supports the idea of a faltering trend. Additionally, structural resistance can be spotted on the Shiba Inu price at the $0.00001150 and $0.00001100 levels. The Relative Strength Index breached extremely oversold territories on the previous decline in June and has yet to rally into the opposite extreme.

SHIB/USDT 8-Hour Chart

By combining these factors, Shiba Inu price will likely remain bearish unless the September swing high at $0,00001393 is breached. However, for traders with a keen eye, an entry near current price levels could be justifiable in the coming hours as the recently rejected 21-day simple and 8-day exponential moving averages could produce a bearish death cross.

If the cross occurs, a breach of the September low at $0.00000992 is highly probable. Additional targets could be near the June 18 thrust candle at $0.00000820, resulting in a 25% decrease from the current Shiba Inu price.

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

Share: Cryptos feed

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.