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More Instability Haunts Shiba Inu Price, Will The Downtrend Continue?

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Highlights

    Shiba Inu Price fails to maintain an uptrend and trending close to the strong support levels

    The price is feared to lose momentum, breaks below these levels may lead the price to more nominal levels

The mid-week surge gave life to hopes on the Shiba Inu price to regain the higher positions. Yet the downtrend outspread the misty clouds over the possible surge. Moreover, the heavy consolidation with minor fluctuations raised concerns as it pointed out towards the reduction in the trader’s activity.

Currently, the SHIB price has slumped below the support levels with a huge plunge in the trading volume. The accumulated selling pressure overpowered the building buying pressure and dragged the price to the current levels. 

Also Read: Where Could the Shiba Inu Price (SHIB) Be Heading Next?

shibainuchart

As mentioned in the above chart, the SHIB price is trading in the crucial regions that act as the strong support levels. Failing to sustain at these levels may also drag the price to lower levels with also a possibility to get recked. Moreover, the RSI levels are struggling to maintain above 50 levels which do not signal an uptrend.

Shiba Inu price showcased a gigantic rally that gained more than 2900% gains. And despite a huge decline in the price during the recent crash, the asset managed to sustain above certain levels, attempting hard to surge towards the north. And to do so, the bulls need to get intensified and uplift the volume to a larger extent. 

A strong bounce from the current levels may raise the SHIB price above $0.00000753 levels and if the buying pressure mounts, the price may also head above $0.00000839. On the contrary, if the potential upswing fails and the price slips further, then the panic selling may decline the Shiba Inu price and add up another zero after the decimal. 

Also Read: How Will The Shiba Inu Price May Close The Weekly Trade?

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Disclaimer : The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of Coinpedia. Every investment and trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

Sahana Vibhute

A passionate cryptocurrency and blockchain author qualified to cover every event in the crypto space. Researching minute occurrences and bringing new insights lie within the prime focus of my task.

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