Shiba Inu (SHIB) prices are tracking a potentially bearish trend, as technical analysis from the daily time frame and the two-hour chart support a move to the downside. SHIB prices recently broke out from a descending resistance line that had been in place since the beginning of February and an A-B-C corrective structure, however, these bull signals failed to initiate an upward movement.

If the SHIB price does break down below the 0.786 Fib level, it could fall to $0.00000770. The technical analysis from the two-hour chart looks similar, with the SHIB price unable to maintain any upward movement from the breakout and instead, returning to the broken line. Should this move to the downside be realized, SHIB prices would fall below the wave A low at $0.0000101 (red line).

As to the extent of the potential move, should the SHIB prices successfully bounce off the $0.0000101 level, the price could make its way to the $0.0000125 mark. However, if it breaks down further, estimates point to a low of $0.0000077.

Given that these movements could happen within a day, investors are urged to watch out for a quick reaction from the Shiba Inu market. The SHIB price can go either way and any abrupt movements off the $0.0000101 level should be watched carefully as it reveals the future of the coin.



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