During the final trading week of October, the price of Shiba Inus increased by 55%.
In the upcoming days, newly founded shorts can encounter a hurdle. If the price drops below $0.000001040, the optimistic prognosis will be invalidated. In the latter days of October, Shiba Inu exhibited notable bullish vigor. After last week’s profitable bullish trading idea, a few continuation-of-trend clues are seen in the SHIB price. To determine the next step, key levels have been established.
Shiba Inu pricing may still be necessary
Shiba Inu’s price (1) shocked the cryptocurrency industry by rising by 55% in the last week of October. When SHIB traded around $0.00001090 last week, the bullish thesis said that a 20% rise would likely test negative liquidity levels near $0.00001350. With a last-minute monthly high of $0.00001509, the bulls amply verified the bullish trade hypothesis. As a result of bears being hesitant to short the SHIB price after it exceeded day traders’ expectations, the Shiiba Inu price is now auctioning at $0.00001189.
As of this writing, SHIB has lost 21% of its value after hitting a new high in October. The uptrend had a surge in volume and crossed the Relative Strength Index’s oversold region (RSI) (2).In the current auction, the SHIB price is slightly over the 8-day exponential moving average. This is the first time the moving average has been encountered since the bullish cross on October 27, which sparked a further 30% rise. The RSI is still in the positive zone, indicating that the rise may continue.
In light of these elements, the SHIB price may provide a threat to recently created short positions close to the monthly high at $0.00001509. The market value would rise by 30% in the event of a rally from the current price. If the bears breach the $0.00001040 liquidity zone, which is located below the 21-day simple moving average, the bullish thesis may be proven false. A break of the low might start a further slide in the direction of $0.00000970. The invalidation scenario would result in a 17% drop in Shiba Inu’s price.