Is Shiba Inu (SHIB/USD) bull run over? Here is the technical outlook

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cryptocurrency Continue to slide into a new week despite the excitement that has settled in at first. The Shiba Inu (SHIB/USD) is one such cryptocurrency that has generated huge profits. This allowed SHIB to cross the $0.0000012 resistance, a key level that has always been seen as a price pivot. As a result, SHIB moved to a near 3-month high of $0.00015 on 29 October.

At $0.0000010, SHIB has suddenly turned bearish. This comes after it failed to sustain the key technical level of $0.0000012. The loss comes amid concerns over large amounts of SHIB being transferred from the troubled FTX exchange. Etherscan data shows that whales have moved approximately 1.5 trillion SHIB from the FTX exchange. The movement coincided with a drop of about 10% in SHIB on the same day.

SHIB moves below the $0.0000012 support level as weakness progresses

Source – TradingView

A technical standpoint shows that SHIB is trending down after failing to hold firm at the $0.0000012 level. The price has also lost the 20-day and 50-day moving averages, underscoring the rising pressure from the bears.

The relative strength index shows a sharp sell-off. The token is yet to reach oversold levels with a reading below the midpoint.

What next for SHIB?

The Shiba Inu is currently under the control of bears. A weak momentum and bearish indicators reinforce further downside in the price.

If the bulls fail to stop the current weakness in SHIB then the area around $0.000008 is the next watch. If the bulls enter the position, shib price Might rise to find resistance again at $0.000012. A possible bullish momentum would be confirmed by a price recovery above the $0.0000012 resistance level.

Buyers should stay away from SHIB for now till a proper bull is confirmed. However, sudden recovery should be monitored on new developments as SHIB is already known for.

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