- SHIB price might see another 28% fall as bears launch a downward move.
- The dog coin broke the critical defense line at $0.00002492 and the prevailing chart’s lower border.
- A technical indicator shows sellers exceeding buyers in the marketplace.
Shiba Inu (SHIB) eyes a 28% downward move after the canine-themed token broker beneath a crucial support level. According to the bearish chart setup, bears contemplate a deep plummet towards value levels of $0.00001600.
Shiba Inu Primed for Declines
The daily chart shows Shiba Inu sliced beneath the descending triangle setup’s lower boundary at $0.00002492. That way, the meme coin suggests a pessimistic outlook, awaiting a 35% downswing to $0.00001600.
The TRIN, which measures total market sentiment, indicates the marketplace has more sellers than buyers. The Dogecoin competitor already started the downtrend amid magnified selling pressure, awaiting another 28% drop toward the mentioned pessimistic aim.
Additional supports will emerge around the 8 October low of $0.0002060, then 127.2% FIB extension level near $0.00001744 before exploring the bearish target.
Meanwhile, buying momentum resurgence will push Shiba Inu high towards the closest hurdle at 15 October low of $0.00002333 before encountering the obstacle around the 200-day SMA of $0.00002449, near the governing technical pattern’s lower boundary.
The dog crypto might face another resistance zone at 21-day Simple Moving Average at $0.00002987, matching the prevailing chart pattern’s topside boundary. Also, the value area at 78.6% FIB retracement zone near $0.00003154 before encountering another hurdle at 50-day Simple Moving Average near $0.00003305, the level near the Momentum Reversal Indicator’s resistance line.
For now, SHIB appears weak, primed for downtrends in the coming sessions. That comes as the overall crypto space noted massive falls within the past 48 hours. While publishing this analysis, bitcoin trades with a bearish outlook at $35,808.78. The leading crypto lost 7.8% of its value overnight, triggering massive downswings in the altcoin market. Ethereum lost more than 11% since yesterday, hovering at $2,515.
Meanwhile, the previous 24 hours had the crypto market capitalization losing more than 10% of its value towards $1.64 trillion. Such an environment requires a U-turn for SHIB to escape the bearish target.