Since the end of August, the price of SHIB has shown a significant decline, dropping from its peak of $0.00000838 to the lowest level in recent times at $0.0000069. This sharp drop of 16.5% highlights SHIB sellers in line with the broader downtrend in the market.
Challenging Times for Shiba Inu!
Considering the significant monthly support in the ongoing price decline, the popular memecoin is under further threat of decline. Is it time to cut losses and sell? At the time of writing, the Shiba Inu price is at $0.0000072 and is moving unstably at the critical support level of $0.000007.
The increase in volume accompanying this decline emphasizes the commitment to a prolonged correction phase if sellers violate the critical $0.000007 support. If the daily candle closes below the $0.000007 level, sellers can push SHIB towards the downtrend zone. A confirmed downtrend could lead to an additional approximately 9% decline for Shiba Inu, targeting the immediate support at $0.0000064.
The Future of SHIB Token Price!
If the momentum does not decrease, a drop to $0.0000054 could even be caused, effectively erasing all the gains made from June to mid-August. Although Shiba Inu is currently experiencing a downtrend, it is important to note that this decline still remains within the boundaries of the ongoing falling wedge pattern.
If the trend continues, it is suggested that the token could approach the support trendline around $0.000005. This could potentially present an opportunity for buyers. Additionally, a strong recovery for Shiba Inu is likely only confirmed if there is a breakout above the resistance trendline of the formation. Consequently, the $0.000007 support could mean a strong support for crypto buyers, and the dynamic resistance of the 20-day EMA could help the seller to continue the downtrend.
