The meme token Shiba Inu (SHIB) faces a bearish spell, losing over 7% in October. A bearish flag pattern suggests potential further dips ahead.
- SHIB’s price has lost over 7% this month amid a wider market downturn.
- After sustained pressure, Shiba Inu breaks below its support level.
- A bearish flag pattern suggests further dips are on the horizon.
- The future depends on battles between bullish and bearish trends at key price levels.
Despite several breakout attempts, the Shiba Inu coin (SHIB), a meme token that has captivated the market, has lately been under a bearish spell, shedding over 7% of its value since the commencement of October.
While it’s been wrangling within a slim range of $0.00000717 and $0.00000745, SHIB has largely been repelled by bearish tendencies, hindering it from sustaining any upward trend.
— Bone ShibaSwap (@BoneShiba) October 10, 2023
SHIB Price Fluctuations
For weeks, SHIB made several ambitious leaps to escape its consolidated trading range, but the bears persistently clawed it back down, forcing the coin to linger in its restrictive trading margin.
However, recent chart analyses present a notable bearish flag pattern, flashing warning lights for SHIB investors as this indicates potential further dives in the near future.
Looking into the RSI, the sharp decline of its averages, which led to the coin’s trading below the mid-point, subtly reveals the underwhelming buying-selling power within the SHIB market.
Multiple attempts to ascend beyond the halfway point were futile, only leading to another nosedive and sending the averages below the oversold range.
While the bearish indicators seem quite stark, SHIB finds itself at a crucial juncture.
Should the bulls manage to wrangle control and break the flag pattern, a trend reversal might very well be on the cards, propelling SHIB to potentially test its resistance level at $0.00000700.
Conversely, if bearish trends maintain their grip on SHIB, further devaluations are plausible, driving the coin to wrestle with its lower support levels.
Should SHIB be unable to sustain itself above $0.00000680, the pathway towards its lower support level of $0.00000651 seems inevitable. Investors, thus, may find themselves on a tense seesaw of watching pivotal resistance and support level performances in the coming days.