SHIB HOLDER BEWARE! Shiba Inu at risk of a 23% drop in price
- Shiba Inu price failed to break the $0.00000130 resistance several times over the past three months.
- The resulting drop suggests that SHIB is likely to move south, pointing to a 23% crash.
- A daily candlestick above $0.00000121 will invalidate the bearish outlook.
The price of the Shiba Inu appears to be caught between two important hurdles, resulting in a long and drawn out consolidation. Recent attempts to move above the higher range failed, leading to a retracement.
However, the bears appear to have more to give and suggest the possibility of a sharp correction for SHIB.
The price of the shiba inu needs to sink
The price of Shiba Inu has crossed the $0.00000130 barrier three times in the last three months. The latest attempt was made on July 20, where SHIB rallied 34% to reclaim the above level. Despite this, momentum was weak and in the end the bears won and pushed the price of SHIB back down.
SHIB price declined 21% to currently trade at $0.00000103. With the FOMC meeting around the corner, things can get ugly before they become bearable. Therefore, investors need to be careful in volatile markets.
For now, the $0.0000095 support level is the only stable barrier protecting SHIB holders from the bears. A breakdown of this bottom due to the presence of a price inefficiency known as the fair price gap would result in a rapid rise to $0.0000082.
Overall, this move could constitute a 23% downswing and is likely to form a local bottom for the price of the Shiba Inu.
SHIB/USDT 1-Day Chart
On the other hand, if Shiba Inu price produces a daily candlestick above the $0.0000121 level, it will produce a higher higher and invalidate the bearish thesis. In such a case, SHIB is likely to rally to the next significant resistance level at $0.00000139.