The post SHIB Price Break Below Monthly Support Hints a Quick 8% Fall appeared on BitcoinEthereumNews.com.

 A breakdown below range support accelerates the selling pressure in SHIB price; time to go short? Published 6 hours ago Since the onset of October, the SHIB price has been grappling with heightened selling pressure, culminating in a pronounced decline on the daily chart. From its last upswing of $0.00000761, the coin’s value has plummeted by 7.6%, landing at a current valuation of $0.0000067. Alarmingly, amidst this downturn, the token has slipped beneath the foundational support of its month-long consolidation phase, hinting at the potential for an extended bearish trajectory. Also Read: Bad Idea AI & Tangem Collaboration Ignites SHIB Community Buzz Is SHIB Price Heading to $0.000006? A $0.000007 support breakdown ended a month-long consolidation in the seller’s favor The falling price could face an intense supply zone at $0.0000064 and $0.0000054. The intraday trading volume of the Shiba Inu coin is $81.5 Million, showing a 10% gain. Source- Tradingview In the last five weeks, the Shiba Inu price oscillated between the confines of $0.00000774 and $0.000007 horizontal level, forming a sideways pattern. This consolidative phase emerged in the aftermath of August’s stark drop, seemingly recuperating the exhausted bearish momentum.  However, given the prevailing bearish undertones enveloping the crypto sector, the SHIB price registered a notable break below the established lower bound on October 9th. With an intraday loss of 0.72%, the crypto sellers project a follow-up to the bearish breakdown yesterday. If this selling pressure persists, the asset could further diminish by approximately 7%, aiming for the next support target at $0.0000064. Such a decline would also push the SHIB price below the 78.6% Fibonacci retracement level, a significant threshold derived from its June-July ascent.  A definitive breach here could amplify bearish sentiment, propelling the asset towards a deeper correction level of $0.0000055. SHIB vs BTC Performance Source:…

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Filed under: News - @ October 10, 2023 9:22 pm