- Shiba Inu price has been stuck below a declining trend line since August 25 and is having trouble forming a base.
- A sweep of the equal lows at $0.0000092 or a retest of the FVG at $0.0000083 will be two significant places to accumulate SHIB.
- A daily candlestick close below $0.0000077 will break the bullish market structure and invalidate the optimistic outlook.
Shiba Inu price remains bearish with no clear signs of a bullish attempt to recover. Moreover, the inefficiencies hint at a further move down south, bringing more pain to SHIB holders.
Shiba Inu price needs another haircut
Shiba Inu price set up the second swing high at $0.0000179 on August 14, creating an equal high. Since then, SHIB has produced lower highs and lower lows, indicating the persistence of a clear bearish trend.
The dog-themed cryptocurrency is currently hovering above the $0.0000092 support level and the equal lows at $0.0000090. A slight spike in selling pressure coupled with a bearish Bitcoin outlook could send Shiba Inu price spiraling lower.
A sweep of the sell-stop liquidity below $0.0000090 is a good place to accumulate SHIB tokens at a discount. However, investors should note that a further descent to fill the inefficiency at $0.0000083 is also possible.
Hence, these two areas are points of interest for investors looking to play the meme coin rally. Market participants should note that the liquidity resting above the equal highs at $0.0000179 is a good reason for Shiba Inu price to rally towards.
This move will allow market markers to collect the buy-stop liquidity resting above this. Hence, this trade is a long-term swing position and is unlikely to manifest in a few days.
SHIB/USDT 4-hour chart
On the other hand, if Shiba Inu price fails to bounce at $0.0000090 and $0.0000083, it will retest the $0.0000077 support floor.
If buyers fail to step up here and allow sellers to produce a daily candlestick close below it, the bullish thesis will face invalidation. In such a case, SHIB could continue its descent and retest the $0.0000060 level.