Shiba Inu Price Drops By 26% - Investors Considering It As Discount.

Shiba Inu Price Drops By 26% - Investors Considering It As Discount.

2021-10-13 | Big Bob

Shiba Inu Price Drops By 26% - Investors Considering It As Discount.

Since its local high on October 7, the Shiba Inu price has been stabilizing. Shiba Inu (SHIB) has formed a rising wedge formation as a result of the coiling up price action, indicating a correction. Shiba Inu Prices Appear To Be Ripe For Picking Shiba Inu prices have been skyrocketing, notably with a 392 percent increase between October 1 and October 7. SHIB has been consolidating after achieving a local high of $0.00003528, resulting in a swing low of $0.2186 on October 8. SHIB has made three higher lows and two higher highs since this point. The development of a rising wedge may be seen by connecting these swing points with trend lines. Shiba Inu Price Drops By 26% - Investors Considering It As Discount.

Shiba Inu Price Chart - Source: CoinMarketCap

By adding the distance between the initial swing high and swing low to the breakout point, this technical pattern predicts a 26 percent downswing. The $0.00002540 support floor will be a key obstacle, despite the fact that this appears to be a sharp correction. There is a potential that SHIB may rebound off this level and limit its losses, but if selling pressure continues to build, $0.00002186 will likely be revisited. In any case, a retest of $0.00002186 will constitute a double-bottom pattern, suggesting a reversal of the downtrend and a continuation of the uptrend, allowing Shiba Inu holders to accumulate or purchase the dip. While the Shiba Inu price is now negative, the bears' first sign of weakness will be a decisive closing above $0.00003038. The bearish thesis will be invalidated if SHIB buyers force it to make a higher high above $0.00003305. Investors should expect the Shiba Inu price to rise to the $0.00003468 to the $0.00003799 supply zone in this situation.

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