Cryptocurrency Continues to slide into the new week even though enthusiasm has subsided previously. Shiba Inu (SHIB/USD) is one of the most profitable cryptocurrencies. This allowed SHIB to break out of his $0.000012 resistance. This is a key level that has always been noted as a price pivot. As a result, SHIB climbed to $0.000015 on his Oct. 29 high, a nearly three-month high.
At $0.000010, SHIB suddenly turned bearish. This comes after failing to sustain the critical technical level of $0.000012. The loss comes amid concerns over the large amount of his SHIB being moved from the distressed FTX exchange. Etherscan data showed that the whale transferred about 1.5 trillion of his SHIB from his FTX exchange. The move coincided with a price drop of almost 10% in SHIB on the same day.
SHIB Breaks Below $0.000012 Support As Weakness Increases
Source – TradingView
The technical outlook points to a downtrend for the SHIB as the bulls failed to sustain the $0.000012 levels. The price has also broken below the 20-day and 50-day moving averages, indicating that bearish pressure is building.
The Relative Strength Index shows a sharp drop. The token has yet to reach oversold levels and readings are below the midpoint.
What’s next for SHIB?
Shiba Inu is currently ruled by a bear. Weak momentum and bearish indicators encourage further price declines.
The area near $0.000008 should be watched if the bulls fail to stem the current weakness in the SHIB. Once the bull is in position, SHIB Price The $0.000012 level is likely to rise again. A potential bullish momentum will be confirmed by a price recovery above the $0.000012 resistance.
Buyers should hold off on SHIB for now pending confirmation of proper bulls.
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