Shiba Inu Price Prediction As SHIB Falls 5% Today
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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 Price Bleeding Is Far From Over
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.
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