Shiba Inu plunges to two-year lows as bears overload the market

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While the worst might be over for the crypto market temporarily, 10 June could force further losses on the altcoin market in the event of a BTC nuke.

Shiba Inu’s [SHIB] Price PredictionShiba Inu was not one of these coins, but it is possible that the selling pressure behind other altcoins sparked a panic in SHIB holders. Assets such as Ethereum Classic, Bitcoin Cash, Avalanche, and many others faced the same scenario.On the 4-hour timeframe, Shiba Inu has had a bearish outlook since early May. This bearish dominance was even more apparent in the daily timeframe as a bearish market structure was seen back in March.

While the move downward was not surprising, the violence of it was. The OBV fell off a cliff and the RSI reached 10 on the 4-hour chart. Both indicators showed enormous selling pressure within a short time. Apart from losing an important support level at $0.0000079, Shiba Inu also fell below the $0.0000068 level. Shiba Inu previously traded beneath this level back in September 2021. Further south, the $0.0000051 represented the lows of that September.

The Fibonacci retracement levels showed a bounce was possible toward the 50%, 61.8%, or 78.6% levels. Short sellers can await a lower timeframe trend change around these levels before shorting the meme coin. At the time of writing, both long and short positions likely faced huge risks as volatility gripped the market.Over the past few days, the Open Interest remained flat while Shiba Inu prices ticked lower.

 

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