Shiba Inu Price Prediction As SHIB Falls 5% Today
Shiba Inu price is down 2.5% on Friday amid a general crypto market pullback. The second-largest meme coin is yet to stop bleeding as investors react to the United States Consumer Price Index (CPI) report. The CPI is the benchmark for inflation in the world's biggest economy.
The CPI settled at 8.2% for September, surpassing market watchers' expectations. Investors and consumers will continue feeling the pinch for the next few months, considering the Fed's (Federal Reserve) intent to keep hiking interest rates to combat the soaring inflation.
Shiba Inu tapped out of an uptrend it had nurtured from crucial support established at $0.000007500 around $0.00001778. Before this rebound, SHIB dealt with a lengthy downtrend from its all-time high of $0.00009000.
The 3-day chart below shows how a bear flag pattern formed after Shiba Inu price momentum faded at $0.00001778. Trading below the 50-day SMA (Simple Moving Average) continuously beefed up the odds of a bearish outcome.
Now, Shiba Inu price is trading marginally below the bear flag pattern – a move likely to stretch its down leg to short-term support at $0.000008960 or further downhill to $0.000007000.
The DMI (Directional Movement Index) position hints at sellers keeping the reins. Overhead pressure will intensify if the -DI, red crosses above the +DI, blue.
On the other hand, the Stochastic oscillator, an indicator that shows whether an asset is overbought or oversold, holds at 30.00. Bulls have a chance to fight for control over the Shiba Inu price in the coming sessions if this index sustains an upward slope toward the midline.
IntoTheBlock's IOMAP (In/Out of the Money) paints a grim picture for SHIB. If bulls flip the tables and push for an immediate rebound, a solid
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