The Shiba Inu recovery rally entered a correction phase after hitting $0.00001136. While this pullback was expected to stabilize the memecoin for the higher rally, the increasing bearishness in the crypto market, prolonged the downfall. Within a fortnight, the SHIB price lost a market value of over 25% and breached a local support zone of $0.0000088. Should you sell on this?
Also Read: Shibarium Stops Producing Blocks Again, Whales Dumping SHIB And BONE
In response to the August 17th bloodbath in the crypto market, the popular memecoin Shiba Inu witnessed an 11.73% intraday loss and slipped below $0.0000088 support. This high volume breakdown reflects sellers are aggressive and could bolster further downfall in the near term.
The SHIB price currently trades at $0.00000856 and witnesses a post-breakdown retest meant to check price stability for trend contention. If the coin price showcases supply pressure at flipped $0.0000088 resistance, the sellers may tumble the memecoin another 17.5% to reach the next support of $0.000007.
If the bearish momentum rises, the Shiba Inu coin may prolong the correction base to the lower trendline of the wedge pattern which is leading the current downward trend.
Taking a close look at the August 17th bearish candle, the daily chart shows a long lower price rejection tail projecting the pressure of demand pressure. Moreover, the seller’s failure to offer a follow-up to the breakdown candle also adds to some weakness in bearish momentum. If the buyers stepped into this uncertainty, the coin price may rise back above $0.0000088. However, the buyers must breach the breakdown candle high of $0.00000936
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