Shiba Inu (SHIB) Price Could Drop 28% From Current Level, Top Trader Says

As Shiba Inu price faces rejection at a crucial resistance level, a top trader has said he is opening a 5X Short leverage position on SHIB

A top trader has opened a 5X Short leverage position on Shiba Inu (SHIB), anticipating a 28% crash from the current price. This forecast is sparked by the SHIB price dropping 5.8% late Thursday and a potential BTC correction.

Trader Anticipates 28% SHIB Price Crash

Shiba Inu price dropped 5.8% during the late Thursday New York after-hours session to trade at $0.00001753. This move wiped off all the gains made in the last two weeks. The decline is likely a continuation of the crypto market crash that occurred late October 31.

After peaking last week at $69,586 and closing at $68,035, Bitcoin opened this week with a move above resistance, turning market participants bullish. However, since the week is just halfway through, Santana says that BTC could end the week on a bearish tone and notes that the recent drop below $70,000 is a sign.

Santana predicts that the Bitcoin price chart “gives certain messages,” one of which is that the king of cryptos is likely to enter a correction phase before hitting a new major high of $102,000.

Top trader Alan Santana shared his analysis of Shiba Inu price on his Tradingview account. According to his analysis, SHIB is set to drop by 28% from its current price.

Santana’s analysis reveals that the asset is still range-bound despite the SHIB price increase. After testing the upper side of the range and getting rejected, Shiba Inu is likely to drop lower to test the lower boundary in hopes of a rebound.

SHIB Price Chart Shows Bullish Pennant

While Santana’s analysis is valid from his point of view, Shiba Inu price action also reveals bullish tendencies. The daily chart shows SHIB price approaching the end of a bullish pennant.

Pennants are continuation patterns, suggesting that the overall prediction is still bullish even if Shiba Inu will likely drop further.

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