- Shiba Inu price next Fibonacci projection target lies 17% below the current price level.
- A break below $0.00000750 could justify a short entry targeting $0.00000500 as the price action has fallen in free-fall manner.
- Invalidation of the downtrend is a breach at $0.00000950.
Shiba Inu price shows no end in sight as bears take a brief pause following the early week sell-off
Shiba Inu price is unforgiving
Shiba Inu price continues to lose value as the bearish decline shows no remorse. On Wednesday, the SHIB price trades at $0.00000777, and the bulls are effectively establishing a doji candle on the 2-day chart. Practical traders seeing this signal will likely stay away from the self-proclaimed DOGE killer, but more risky traders may be enticed to open a short position in aim to partake in the next slide. A breakdown below the Doji candle at $0.00000750 could trigger mayhem in the market, sending the Shiba Inu price into the all-time low territory.
Shiba Inu price now hovers just 35% above the all-time lows at $0.00000510. A Fibonacci projection tool from the all-time highs at $0.00008854 into the sideways triangular figure, which began in February, projects a 100% Fib level 17% below the current Shiba Inu price at $0.00000678, providing subtle confluence to a continuation of the downtrend. The devalued target is centered within a monthly zone that commenced throughout May and ended in mid-September of 2021, a catalyst to the infamous October 2021 10X bull run.
SHIB/USDT 2-Day Chart
Invalidation of the downtrend is a breach above a descending trendline currently positioned at $0.00000950. If the bulls breach this level, a rally could occur to $0.00001400, resulting in a 75% increase from the current Shiba Inu price.