The trading volume has decreased over the past few days, indicating a decrease in volatility. The bears have been dominating the market as SHIB/USD continues to trade below the $0.000007000 key level, indicating more downside potential in the near future. SHIB/USD 1-day price chart: Bears rule as the volatility decreasesĪccording to the daily chart, SHIB/USD is trading below the 20 and 50-day EMAs as it faced a stiff rejection at $0.000007200 a few days ago. If SHIB breaks below the immediate support level at $0.000006900, a further drop towards $0.000006500 could be expected in the near future. A further drop could be expected as the selling pressure remains strong only if the bulls can take back control. SHIB has lost over 3% of its value in the past month and is currently trading at $0.000006922. The bears are in control as the price continues to trade below the exponential moving averages, indicating more downside potential in the near future. The Shiba Inu price analysis on 17th October shows a bearish outlook, with the selling pressure driving the market downwards and progressing the current descending channel. The immediate support level for SHIB is present at $0.000006900.SHIB has been trading on a downtrend for the past few days.
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