- Shiba Inu price shows a breakdown of the inclined trend line and the immediate support level at $0.0000118.
- This trend reversal could see SHIB drop 25% to $0.0000083.
- A daily candlestick close above $0.0000118 will invalidate the bearish outlook.
Shiba Inu price has been waiting to find a perfect support level for months after its recent explosive move. Despite undoing the gains of the last rally, SHIB has not reached a stable foothold. However, things are looking up as the meme coin prepares for a volatile move.
Shiba Inu price ready for a quick descent
Shiba Inu price has been hovering above the $0.0000118 support level for more than a month. After it flipped this level on August 5, it consolidated above it for some time before triggering a 50% rally.
Although the Shiba Inu price undid these gains in the next few days, it traded above the inclined trend line and a horizontal support level at $0.0000118. However, on September 15, SHIB breached this confluence, confirming the start of a downtrend.
If this trend continues, Shiba Inu price will likely crash 25% and fill the inefficiency, extending from $0.0000083 to $0.0000093. This move, from a short-term perspective, could seem bearish but it will set a base for the long-term bullish play.
For more details on how this drop factors into the larger outlook check this article out.
This support level promises a 120% recovery rally for Shiba Inu price
SHIB/USDT 4-hour chart
However, if Shiba Inu price takes a U-turn and produces a daily candlestick close above the $0.0000118 barrier, it will denote weakness among the bears. If this hurdle is flipped into a support floor, it will invalidate the bearish outlook. This development could see Shiba Inu price prematurely trigger the run-up to $0.0000179.
Note:
This video explains the short-term and long-term outlook for Shiba Inu and how you can position yourself accordingly.
