Crypto analyst Filip L states that the Shiba Inu price action is seeing price pressure against the technical triangle base at $0.00002140. According to the analyst, the SHIB price action is set to test the bottom of its asset. Filip L’s analysis of SHIB, cryptocoin.com We have prepared for our readers.
“Shiba Inu bleeds as investors flee recession”
Shiba Inu (SHIB) price action is on the verge of exiting the bearish triangle that has dominated price action over the past two months. While investors are generally fleeing cryptocurrencies following growing reports that global markets are in recession, a break from the downside is making room for an almost 70% drop to current lows. With this dire prediction in mind, more bleeding could occur as the SHIB price action slides back to $0.00000655.
Shiba Inu price action is seeing a major squeeze from bears trying to break out of the bearish triangle as more and more headwinds converge with each passing day. The situation in Ukraine and new quarantines in China are re-raising supply chain issues, and banks are starting to use the word recession more often in their future reports. This weighs heavily on investor sentiment as cryptocurrencies are being pushed back and witnessed daily cash outflows from traders closing their positions.
SHIB price looks like it could break below $0.00002140 at any moment with considerable momentum behind the 55-day Simple Moving Average (SMA) below the 200-day SMA and the death cross. Besides, the Relative Strength Index is nowhere near oversold, opening the door for short sellers to take some more gains on the downtrend. There could be a sharp drop to $0.0000100 in the coming days, breaking the monthly S1 and S2 support levels along the way, only to find a bottom around $0.00000607 near the SHIBs low.
While red flags are popping up in all financial markets, investors may still be working on a reversal to look beyond the current crisis. If central banks can bail out economies from this dire situation, investors can start buying cryptocurrencies to take advantage of profitable discounts. This could turn into a reversal and the price could first climb above $0.00002500 and break the 55-day SMA and reach $0.00002787 above the 28.6% Fibonacci level.
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