Shiba INU price has been closely trading along the crucial support zones ever since the markets retraced in the recent past. While the expectations of a notable upswing hovered the SHIB price rally, the bearish pressure may soon shed huge gains. As the bulls currently appear to be heavily drained as the dollar’s strength has suffered significantly since the beginning of September.
The price movements were expected to coil up and breach through the pivotal resistance at around $0.000012. However, the bears restricted the movement to $0.000011 and extracted huge profits. Therefore, the possibility of SHIB price revisiting the lower support just above $0.00001 emerges.
However, the SHIB price is currently at risk of the freeze as after a 100bps surprise rise by the Swedish Riksbank today, an FOMC meeting is scheduled within some hours now.
As the SHIB price has already broken down from the crucial resistance, a slight increase in the bearish pressure may clinch the bull’s strength. Thus, dragging the price below the crucial support at $0.00001. However, the next support zones are around the yearly lows at around $0.0000076 which may be easily attainable in quickly after adding up a zero in its value.
The market’s trends are completely dependent on the upcoming Fed Chair, Jeremy Powell’s speech. If the DXY Index gains some strength, the crypto markets are expected to drop significantly and so the Shiba INU price. If the selling pressure extends beyond $0.000076 then the price trend may further drop towards $0.000655 with another 40% to 45% losses.