- Shiba Inu price established new monthly lows wiping out all gains made since the end of July.
- The 8-day exponential and 21-day simple moving averages collide while the SHIB price hovers below the indicators.
- Invalidation of the bearish thesis remains a breach above summer's high at $0.00001800.
Shiba Inu price points could be established in the catalyst to an additional 20% plummet.
Shiba Inu price edges near pain
Shiba Inu price is on every trader's radar as the bears have established new lows for the month of September. Currently, the self-proclaimed DOGE killer fluctuates beneath the recently breached 8-day exponential and 21-day simple moving averages. The moving averages are colliding, and if market conditions persist, a bearish death cross will occur. The cross could catalyze an additional 20% decline in aiming for the summertime lows at $0.00000978.
Shiba Inu price currently auctions at #0.00001185. The bears have successfully wiped out all gains since July 29th. The volume profile indicator demonstrates the bulls' failure to retaliate, as investors remain sidelined during the stair-stepping downtrend.
SHIB USDT 12-Hour Chart
Still, there is potential for Shiba Inu to reroute north for short-term gains before the breach of the summer lows. If the bulls can hurdle the previous moving averages and develop sustained support, an additional 13% rally towards the $0.00001400 resistance zone could take place in the short term. This countertrend scenario would not invalidate the bearish thesis, but traders should nonetheless be aware of the possibility. Invalidation of the bearish thesis targeting the summer lows at $0.0000978 remains a breach above the summer high at $0.00001800.
Thus' the safest invalidation of the downtrend thesis targeting $0.00000978 is a breach of the summertime high at $0.00001800. If the bulls can reconquer this resistance barrier, a buyers' frenzy could ensue, targeting the April 29th swing low at $0.00001839. Such a move would result in a 57% increase 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
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
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
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.