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- Shiba Inu extended its sideways move while the price remained below the $0.00000807 level.
- A 6.5% decline over the past two days indicated a bearish breakout from the range.
Shiba Inu [SHIB] traded within a compact price range over the past two weeks. The price ranged between a low of $0.00000697 and a high of $0.00000760. Despite the sideways movement, a remote breakout seemed increasingly likely.
Realistic or not, here is SHIB’s market cap in BTC terms
Since Shiba Inu’s price fell 6.5% in the last 48 hours, it suggested that the breakout could be bearish.
Sellers are trying to get out of the long-term range
Source: SHIB/USDT on Trading View
SHIB’s upper and lower market structure has been bearish since mid-August. The price rejection at the $0.00001 price zone ushered in a wave of sell-off, sending the price below the bullish stronghold of $0.00000807.
Despite the bullish pullback at $0.00000807, selling pressure turned the level into resistance in early September. As the price fluctuated after the $0.00000807 level turned towards resistance, further bearish activity could see SHIB sink lower.
The Relative Strength Index (RSI) remained below neutral 50, highlighting the intense selling pressure. Moreover, the Chaikin Money Flow (CMF) fell sharply from positive to negative during the term.
A successful bearish breakout will see sellers target the June low at $0.00000651. Alternatively, as Bitcoin [BTC] If bulls rise above $27,000 again, bulls from the current range could pull off a surprise rally.
Open Interest underlined the bearish sentiment
Source: Coinalyse
Dates of Coinalyse showed that the Open Interest (OI) is on a downward trend. Over the past 24 hours, the price fell 3.57%, repeating the bearish bias on SHIB’s price chart.
Read Shiba Inu’s [SHIB] Price forecast 2023-24
Furthermore, the funding rate fluctuated at the lower terms, indicating a lack of sustainable momentum. This suggested that further declines for Shiba Inu could be likely in the long term.
