\nThe SHIB price challenge the $0.000007 monthly support threatens coin holders for a longer downtrend\t\t\t\t<\/p>\n
<!–<\/p>\n
![\"SHIB](\"https:\/\/coingape.com\/wp-content\/uploads\/2023\/09\/inA40X5p-e1694452741949.png\")
<\/div>\n–><\/p>\n
Published 1 min ago <\/p>\n
Since the tail end of August, the SHIB price trajectory has been notably downward, plunging from a peak of $0.00000838 to a recent low of $0.0000069. This sharp 16.5% descent, aligned with the broader market bearishness, paints a picture of unwavering SHIB sellers. With the falling price challenge a crucial monthly support, the popular memecoin is under threat for further downfall. Is it time to cut losses and sell?<\/span><\/p>\n <\/p>\n Also Read: Shiba Inu\u2019s Soaring 323% Burn Rate Captures Investors\u2019 Attention<\/a><\/p>\n At the time of writing, Shiba Inu price<\/a> stands at $0.0000072, teetering precariously at the multi-month support of $0.000007. The uptick in volume accompanying this descent underscores the seller\u2019s commitment to a potential prolonged correction phase, especially if it breaches the critical $0.000007 support.\u00a0<\/span><\/p>\n Should the daily candle close below the $0.000007 mark, the sellers would be firmly in the driver\u2019s seat, likely pushing SHIB further into bearish territory. A confirmed breakdown could see Shiba Inu taking another tumble by approximately 9%, targeting the immediate support at $0.0000064.\u00a0<\/span><\/p>\n<\/blockquote>\n If this bearish momentum doesn\u2019t wane, SHIB might even find itself at $0.0000054, effectively wiping out all the gains it accrued from June through mid-August.<\/span><\/p>\n <\/p>\n Although the Shiba Inu coin is currently experiencing a bearish trend, it\u2019s important to note that this decline still fits within the confines of an ongoing falling-wedge pattern. If the trend continues, we might see the coin approaching the support trendline of the pattern around $0.000005, presenting a potential opportunity for buyers. That said, a solid recovery for Shiba Inu will likely be confirmed only if there\u2019s a breakout above the pattern\u2019s resistance trendline.<\/span><\/p>\n \n Share this article on:<\/p>\n –><\/p>\n Sahil is a dedicated full-time trader with over three years of experience in the financial markets. Armed with a strong grasp of technical analysis, he keeps a vigilant eye on the daily price movements of top assets and indices. Drawn by his fascination with financial instruments, Sahil enthusiastically embraced the emerging realm of cryptocurrency, where he continues to explore opportunities driven by his passion for trading <\/p>\n<\/p><\/div>\n The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n$0.000007 Support Breakdown Will Trigger a 9% in the Near Term<\/strong><\/h2>\n
\n
![\"SHIB](\"https:\/\/s3.tradingview.com\/snapshots\/i\/inA40X5p.png\")
Source- Tradingview<\/span><\/p>\n\n
Here\u2019s How SHIB Price May Trigger a Sustained Recovery<\/b><\/h2>\n
\n
\n <\/a>
\n
\n![\"coingape\"](\"https:\/\/cdn.coingape.com\/wp-content\/uploads\/2023\/08\/14164721\/x-logo.png\"){kind=logo}
\n<\/a>
\n <\/a>\n <\/div>\n<\/p><\/div>\n<\/div>\n![\"\"](\"https:\/\/secure.gravatar.com\/avatar\/a533fdcf650a1d3d3b6a452bcef2d18a?s=200&d=mm&r=g\")