Shiba Inu (SHIB) All Set for a Free Fall? Or Will It Sustain?

While the crypto market was struggling to recover from a disastrous September, Shiba Inu’s price soared. The quick rise from $0.00000843 to $0.00008834 drew several strong hands. During this rise, an Ethereum whale reportedly acquired a big part of SHIB.

Just as the rally reached its peak, the bears swooped in to drive the price down. Initially, the price drop looked to be a good correction. Traders stepped in fast as the price returned to lower levels. While the price has risen from lower support levels, the threat of a free collapse still hangs over the recovery.

Popular Analyst’s Views

With a flip, the meme coins have shown a small positive momentum. There may be a big rally to the immediate resistance levels. MMBTtrader, a prominent expert, suggests certain pivot zones for the price to hold and avoid further decline.

Analysts claim that after the SHIB price breached the ATH, it has formed a falling triangle. As a result, the price dropped below $0.00007000. Analysts predict a corrective phase may be resolved if the price maintains and recovers around $0.00004876 support levels. However, if the price breaches the bottom support level at $0.00003736, then additional dumps may follow.

SHIB/USDT: Source: TradingView

Alternatively, if the SHIB price maintains its present bullish trajectory, it may even kill another zero. However, the resistance at $0.00008868 must be tested and removed satisfactorily. The Shiba Inu price requires a massive injection of liquidity to rise towards $0.0001000 levels.

According to CoinMarketCap, the SHIBA INU price today is $0.000049 USD with a 24-hour trading volume of $8,324,518,853 USD.

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