Shiba Inu below surrender zone and likely to fall back to $ 0.000030 USD
The price of Shiba Inu cryptocurrency, like the rest of the cryptocurrency market, has been in trouble since Saturday morning’s lightning strike. While traders were able to raise SHIB cryptocurrency 25% above Saturday’s lows, selling pressure resumed on Sunday.
- The Shiba Inu price has traded below a critical volume profile level.
- Bearish sentiment remains solid and there is little support within the Ichimoku system.
- The downward pressure could be sustained with slight relief in sight.
Shiba Inu in a very volatile price range
The price of the cryptocurrency Shiba Inu (SHIB) is closing its Sunday candle below a critical support level, indicating that a quick sell is likely. The large red rectangular area represents a range between $ 0.000030 and $ 0.000036 USD. The volume profile between these two levels is extremely fine and a warning that any move below $ 0.000036 could trigger a quick and easy drop.
There was some evidence of the speed of the drop in selling on Saturday, but it was primarily a NOS (non-organic selling) episode. NOS is a technical term to describe any price action that occurs primarily as a result of resting buy and sell orders or, as is often the case in the cryptocurrency market, forced liquidations of leveraged positions in derivatives markets. Saturday’s lightning strike is a prime example of what NOS looks like and what the expected recovery should look like.
Ichimoku Shiba Inu daily chart (SHIBA / USDT)
Traders are likely to see lower test due to Shiba Inu price closing within this price zone. The closest Ichimoku support is at $ 0.000025 USD when the Chikou Span reaches the top of the Cloud (Senkou Span A).
To invalidate or at least give a breakout to the current bearish pattern, the Shiba Inu price should close above the daily Kijun-Sen at or above $ 0.000042 USD.
Pair Jonathan Morgan, FXStreet
Jonathan has worked as an independent futures, forex and cryptocurrency trader and analyst for 8 years. He has also been writing for 5 years. He is one of Quora.com’s “most viewed writers” in the trading and technical analysis categories.
The opinions expressed here are solely those of the author and do not necessarily reflect the views of Forex Quebec. Every investment and business move carries risk, you need to do your own research when making a decision.
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Disclaimer: The information and opinions in this report are provided for general information only and do not constitute an offer or a solicitation to buy or sell currency or CFD contracts. Although the information contained in this document has been taken from sources considered reliable, the author does not guarantee its accuracy or completeness, and does not assume responsibility for any direct, indirect or consequential damages that may result from the fact that someone trusts such information.
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