- Shiba INU breaks down from the crucial zones that acted as a strong support until now leading to a drop of more than 20%
- Despite the bearish influence is expected to prevail for long, the price can still rise above the descending trend
After erasing all of the previous gains, the price of the Shiba Inu has been circling about the volume point of control, i.e $0.0000118. The volume point of control is the highest traded volume for the selected sector.
According to the graph, Shiba traded at its biggest volume between mid of April until August 2022.
Shiba Inu price prepared for a swift plunge
After flipping, the Shiba Inu price stabilized above the $0.0000118 support level for a while before beginning a 50% surge.
After Shib violated this confluence during the previous trading day, the beginning of the downtrend was validated.
If the trend continues, Shiba Inu will drop by nearly 25% and trade between $0.0000083 to $0.0000093. This action may appear bearish in the short term, but it will lay the groundwork for the long-term bullish play.
It’s amusing to watch how the price has steadied at this stage. The next objective could be somewhere around $0.0000180. Since the price could form the triple top or reverse down, the profit level can be around these levels for an extended period of time with a brief 43% uptick.
A decrease in the weekly support level at $0.0000087 is anticipated if the point of control collapses. Price either holds above $0.0000118 and surges to $0.000028, or price breaks through the point of control and drops to $$0.0000083 or $0.0000093.
Shiba price usually surges by 50%, 60%, or 70% in a day or two, then reversing down. And if this plays out well, then the price could fall by 7.46% by the end of September. Presently, the price has dropped by 2.61% over the past 24 hours & now trading at $0.0000117.
In conclusion, Shiba Inu’s ability to produce a daily candlestick close above the $0.0000118 threshold will signal bearish weakness. The negative forecast would be invalidated if this barrier were to reverse into a support floor. This development could cause the Shiba Inu price to rise before it should.
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