$SHIB Price Analysis: 150T SHIB Support at Risk Amid Market Sell-off - CoinGape Analytics

Shiba Inu price analysis shows an aggressive correction since mid-July amid the market correction. The bearish turnaround plummeted the SHIB price from its high of $0.00002017 to $0.0000133, registering a loss of 33.9%. 

According to Coinglass data, Shiba Inu’s long position holders witnessed a forced liquidation of $4.3 million this week. The declining price showcased another bear cycle within the falling wedge pattern—a chart setup consisting of two covering trendlines that drive a series of a lower high and lower low.

The Bollinger Band indicator challenged on the downside accentuates the aggressive sellers’ attitude towards this asset, bolstering the potential for a prolonged downfall. With sustained selling, the Shiba Inu price forecast hints at a 24% potential drop to retest the wedge support trendline at $0.00001.

Furthermore, the Relative Strength Index (RSI) has dipped into the oversold territory at 26%, potentially drawing buyers interested in purchasing at lower prices. A rebound from the $0.00001 level could undermine the bearish outlook and fuel a rally toward $0.000014 to test the wedge resistance.