Shiba INU Technical Analysis: SHIB Price Primed to Drop Below $0.00001 Soon

Key Takeaways:

• The Shiba INU price closed the previous day’s trade at $0.00001016 with a market capitalization of $5.58 billion & c circulating supply of 549,063.28 billion.
• The bears have largely dominated the crypto space and hence the prices are facing intensive selling pressure nowadays.

Read more: Shiba INU Price Prediction

Technical Analysis for October 2022

The monthly trade began on a bearish note as the prices constantly formed lower highs & lows and maintained a firm descending trend. After the recent slash, the SHIB price are heavily consolidating within a very range. Hence displaying the possibility of a continued bearish trend, as the tokens appear to have formed a minute bear flag. 

On breaking down the flag, the price is expected to drop below $0.00001 and test the last point of defense at $0.00000955. The token in the past couple of times has ignited a flip from these levels comfortably as the bulls were well-positioned. However, considering the present scenario, the volume has dropped comparatively. Hence compelling the price to remain highly consolidated for a longer time.

Technical Analysis at a Glance

After the gigantic bull run in 2021, bears have largely dominated the entire crypto space. Therefore, compelling the majority of the cryptos to trade under their captivity including Shiba INU price. Presently, the investors do not appear to be assured of the revival of the bull run and hence opt to remain resilient. Therefore, in the coming days until the end of the monthly trade, the market participants may expect the token to maintain a notable bearish trend ahead.

Technical Indicators & Pivot Levels

Pivot Levels

The technicals point toward the bearish trend to persist for an extended time as the fractals are negative. The RSI in both the STF & HTF is extremely bearish which is not referred to as a healthy rally. While the Average True Range(ATR) is highly volatile in both time frames and hence the price actions may either trap the bulls or the bears. Moreover, the Bull-Bear power is neutral in both time frames that suggest remaining consolidated until any among them regain strength. 

What’s happening on the on-chain front?

• The social dominance of the popular crypto asset has been heavily slashed since mid-September. The reduced social engagements & discussion point towards the reduced interest of the market participants over the token

Source: Santiment

• While the prices trade within an uncertain environment, the whales continue to accumulate SHIB in large numbers. The addresses holding more than 10K to 100K has surged extremely high since the beginning of the year.

Source: Santiment

• The Daily active address has remained relatively low since the beginning of the yearly trade indicating the dropped activity of the traders.

Source: Santiment

• MVRV-Z Score & NVT ratio, both are plunging heavily which indicates the prices are currently undervalued. While the investor’s sentiments could be bullish as the NVT ratio is dropping. 

Source: Santiment

Shiba INU (SHIB) Technical Analysis for Short Term

Source: Tradingview

• The SHIB price have remained largely stagnant in the past couple of days with reduced volatility & volume.
• Hence the Bollinger bands have squeezed while the prices have dropped towards the lower bands.
• As the price failed to rebound on testing the lower band, this further indicates that the prices could be primed to breakdown from the bands very soon.
• In case of a negative trend prevailing for an extended time, a retest of the lower support at $0.00000955 appears imminent.

Shiba INU (SHIB) Technical Analysis for Long-Term

Source: Tradingview

• In the larger time frame, the SHIB price is extremely bearish and appears primed to drop heavily beyond the lower support.
• The prices before tested the lower support & rebounded, but in the present case, the volume have depleted heavily & the price is at the apex of the consolidation which is not in favour of bulls.
• Hence, after slicing through the lower support, the price may drop hard below $0.000008 to test the last point of defense at $0.00000750.
• However, a bounce is expected well before testing these levels as the market sentiments may turn bullish as the price drops below $0.00001. 

Where & How to Buy Shiba INU(SHIB)?

Buying & selling is simple & safe here, on CoinDCX. You just have to register by downloading the CoinDCX App on your smartphone & enter your details. Wait for the verification to complete and meanwhile complete the KYC. Once done, fund your wallet & buy Shiba INU (SHIB).

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