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Shiba Inu price displays concerning signals which could shake out the strongest SHIB investors.
Also read: Is MSTR stock facing possible bankruptcy on Bitcoin collapse?
Shiba Inu price shows evidence that more price drops are likely for the notorious meme coin. The self-proclaimed “Doge Killer” looks like roadkill as the bears have managed to breach previously held support zones at $0.00001839. The 61.8% Fibonacci retracement level surrounding the all-time-low and all-time-high at $0.00001513 was recently breached with a bearish engulfing candle.
Shiba Inu price is also losing support from investors who thought the current dip was worth buying. The Relative Strength Index confounds this idea as the buyers’ support levels have been breached in multiple time frames. The bears are likely in profit and will not be closing their shorts until lower liquidity levels, such as the $0.000000666 zone, are tapped. 
SHIB/USDT 9-Hour Chart
Still, weekly and monthly charts will be the ultimate deciding factor for the Shiba recovery rally. If the SHIB price can breach the $0.00001774 a bullish hammer could print on the weekly chart. Thus there could be potential for a relief rally to $0.00003000, resulting in a 130% increase from the current Shiba Inu price.
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Bitcoin price is retracing to a stable support area which suggests a potential rally might be on its way. This development has also pushed Ethereum, Ripple and other altcoins down before the recovery bounce appears.
Shiba Inu burn continues to erase millions of tokens, permanently removing them from circulation. This is one of the main factors why Shiba Inu price is likely to witness a bullish trend reversal and wipe out losses from the past two weeks.
Polygon (MATIC) is – no different from other cryptocurrencies – on the back foot on Monday as bears are pressing their mark on this first day of the new trading week.
Dogecoin price prepares for the next leg by retracing lower to find stable support levels between $0.055 to $0.060. A bounce in this area could trigger a 40%-to-90% upswing for patient DOGE investors.
Bitcoin price is attempting to move higher against a massive cluster of resistance levels, all of which are working to stop its bullish momentum. Investors need to be careful trading around this level as it could witness some serious volatility in the market.
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