SHIB Price Analysis: Will Shiba Inu Crash This Season?

The post SHIB Price Analysis: Will Shiba Inu Crash This Season? appeared first on Coinpedia Fintech News

Failing to find a bullish footing after the sharp bearish reversal in August 2023, the SHIB coin price maintains a declining price trend. Taking a bearish reversal from the psychological mark of 0.00001068, the meme coin price fell by 36% and is currently trading at $0.00000683. 

Meanwhile, the market conditions are volatile, with hopes of better sentiments in October with the Bitcoin ETF decision. Under such weather, the Shiba Inu price prediction warns a not-so-smooth ride for HODLers. 

Taking constant rejections from the 50-day EMA, the lower high formation gives rise to a resistance trendline. Furthermore, a descending support trendline is also noticeable in the daily chart, which completes the falling wedge pattern. 

Completing the negative cycle within this bearish wedge, the SHIB coin price approaches the bottom support baseline. Furthermore, the downtrend is approaching the next crucial support level of $0.00000651. 

The SHIB price action shows the bears taking over the $0.0000070 crucial psychological support zone. Despite the ongoing downtrend, the possibility of a bullish bounceback is noteworthy because of the upcoming support levels. 

Technical indicators:

RSI indicator: The daily RSI line fails to surface above the halfway line and falls to test the oversold boundary. 

Exponential Moving Averages: The falling 50-day EMA acts as a dynamic resistance and prolongs the lower high formation in the daily chart.

Will SHIB Price Rise Above $0.0000075?

Considering the buyers are able to reclaim the bullish momentum, the SHIB price may restart a positive trend within the falling wedge. This positive cycle might soon retest the overhead resistance trendline close to $0.00000715. 

More optimistically, the positive cycle may lead to a bullish breakout and lead to $0.0000080. On the flip side, a slide below the support trendline might result in a deep correction phase for the meme coin, potentially leading to $0.0000060.