Bearish Flag – Is Shiba Inu Losing Momentum?

The crypto space continues to lose momentum as the market has been trading in the red for the third consecutive day. Top cryptocurrencies continue to dip constantly as the coins are experiencing massive selling pressure from investors.

Since the beginning of October, the Shiba Inu price has been trading under the influence of the bears, resulting in the meme coin losing over 7% in its value this month. The SHIB price traded in a consolidated range of $0.00000717 and $0.00000745 for almost a month.

During this time, the meme coin attempted multiple breakouts of the trend, but all were short-lived as the bears always pulled back the Shiba Inu immediately and continued trading in the consolidated range. Further, the SHIB price was trading close to its support level at $0.00000717.

After multiple attempts, the price broke down the level, indicating a bear power in the market. The chart currently displays a bearish flag pattern, indicating the price to dip in the coming days.

The RSI was trading above the mid-point and displayed a sharp decline in its averages, resulting in the coin trading below the mid-point. Further, the averages made multiple attempts to surpass the halfway but failed and experienced another dip, bringing the averages below the oversold range, further indicating a weak buying and selling power.

Also Read: Memecoins Lose Momentum: Dogecoin (DOGE) and Shiba Inu (SHIB) Prices Plunge Aiming to Hit the Lower Support

Will SHIB Price Regain $0.000007 Soon?

If the bulls regain power and break the pattern, the price will experience a trend reversal and will test its resistance level of $0.00000700 soon.

Further, if the market holds the price above that level, the SHIB price will continue to gain value and make a run to test its upper resistance of $0.00000717.

On the contrary, if the bears continue dominating the market, the price will continue to lose value and test its lower support levels. Moreover, if the Shiba price fails to hold its price above the support level of $0.00000680, then the price is bound to test its lower support level of $0.00000651 in the coming days.