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•SHIB/USD is currently priced at $0.000010 and has decreased by 5.49% over the past 24 hours
•The trading volumes have increased marginally by 15.14%
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Danger looms for Shiba Inu as bulls are warded off
The Shiba Inu price today is $0.000010 USD with a 24-hour trading volume of $342,489,594 USD. Shiba Inu is down 5.49% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.06017 for the altcoin.
Oct 28, 2021, saw the Shiba Inu coin reach its all-time high of $0.00008845. A series of corrections and consolidations have seen Shiba Inu prices plummet since. The coin has wilted to bearish pressure in the last 24 hours, and the technical indicators don’t paint a rosy picture for the asset in the near term. The days ahead look grim for the coin as the coin is moving within the channel and below the 20,50 SMA on the four-hour chart. The crucial support for the coin is placed at $0.0000075 while the resistance lies at $0.000015.
Long-Term View for Shiba Inu Price
The RSI for Shiba Inu is currently transacting at 48.34 and has moved below the 14-day average line on the daily chart as a result of today’s price action. The bulls have lost their footing on the daily chart as Shiba Inu’s technical analysis showcases a substantial downside possibility for the altcoin. The green histograms have continuously waned in strength on the daily chart whereas the MACD line trailing the signal line points to the presence of intense selling pressure.
Conclusion
The Shiba Inu price is moving around the upper boundary of the channel as the trading volume is issuing a sell signal while the technical indicator confirms the bearish movement. Hence, further downside is to be expected in the asset in the near term.
Support:$0.0000075
Resistance: $0.000015
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
