The popular memecoin after Dogecoin appears to be stuck heavily within a bearish trap that it is constantly failing to breach through the pivotal levels. In a recent update, the SHIB price is showcasing that yet another bearish crash could take place soon. This time a clear path below the $0.00001 levels is displayed and moreover, many indicators also point out a significant drop ahead.
The SHIB price similar to other altcoins was heavily impacted due to the crypto market slash fueled by the Terra (LUNA) & UST crisis. However, other popular assets appear to have settled a bit but SHIB price is still following the same deep descending channel, unable to regain the levels beyond the immediate resistance at $0.00001698.
The SHIB price after sliding down from the pivotal resistance between $0.00001913 and $0.00002050, dropped very hard which was later fueled by multiple external factors. Currently, after the recent steep drop, the prices are swinging within a more descending, symmetrical triangle. And hence a breakdown may be fast approaching below $0.00001 levels as the rally is more lenient towards the lower support.
On the other hand, the SHIB price has largely lost the trader’s confidence as more people believe that it is better to sell Shiba INU. A platform conducted a survey among some panellists and 76% of them believe traders should just sell SHIB. As many believe that SHIB lags utility, and hence once the crypto space regains the lost momentum, then the money will be flown back to the popular assets with utility.
Therefore, the Shiba INU price is currently swinging within the pattern and hence a rebound is a must. Else the SHIB price is primed to reach bottoms below $0.0000100 or in an extreme bearish case, the price could even revisit the lowermost support around $0.00000500.
Was this writing helpful?