- Shiba Inu price is down 13% on the month and 90% from all-time highs.
- SHIB has traded range bound for several weeks and has been recently denied passage access.
- Invalidation of the bearish thesis remains a breach above. 0.00000932.
Shiba Inu price may have placed the nail in the bearish coffin. A sweep-the-lows event could result from SHIB’s recent price action. This thesis identifies both a bullish and bearish scenario that could occur In the coming days.
Shiba Inu price solidifies the bearish bias
Shiba Inu price may be in its final stages before a severe decline ensues. On December 24, the notorious meme coin sits 13% below December’s opening price and 90% below all-time highs.
Shiba Inu currently trades at $0.00000835. For several weeks the world’s favorite dog coin has ricocheted back and forth between a coiling range. The range has progressively produced lower highs and higher lows, providing fewer opportunities for day traders to partake.
Now, as the price consolidates on the lower side of the range, bullish traders engaging in the market may be playing with fire. On December 18 and 22, the bears rejected the bullish attempts to enter the midpoint of the coiling range with the help of the 8-day exponential moving average. The suppression could suggest that the auction within the range has been completed, and bears are ready to push SHIB lower. The first bearish target would be the summer lows at $0.00000607 for a 15% decline from the current market value.
SHIB/USDT 1-day chart
Entering the market with a contrarian bias could lead to unnecessary losses. Invalidation of the bearish thesis remains a breach above. 0.00000932 as per the previous bearish outlook. If the bulls hurdle the level, SHIB could rally as high as the November 10 swing high at $0.00001055. The Shiba Inu price would rise by 21% if the bulls were successful.