Shiba Inu's buying frenzy hit a roadblock at the $0.00001 price level with sellers taking maximum advantage in the short term.
Shiba Inu’s [SHIB] Price PredictionHowever, the sharp price increase hit a major roadblock at the $0.00001 price zone which reversed almost all the gains from the bullish rally. Can bears extend the bearish momentum after the price rejection or will bulls rebound to maintain the uptrend?The price rejection at the $0.00001 price level created an opening for sellers after Shiba Inu’s bullish rally.
This took Shiba Inu’s price under the $0.000009 price level. Although the selling pressure eased at press time with Shiba trading at $0.00000898, the RSI & CMF indicators hinted at further price dips. After the price rejection, the Relative Strength Index dropped sharply from the overbought zone. A further dip under the neutral 50 highlighted the waning buying power for Shiba Inu.
Similarly, the Chaikin Money Flow declined from +0.40 to -0.06 between 5 August to 7 August. As of press time, it stood at -0.08 to signal more capital outflows. This showed bears were in control on the lower timeframes which could lead to more price dips on the higher timeframes.
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