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•SHIB/USD is currently priced at $0.000009 and has decreased by 5.97% over the past day
•The trading volumes have decreased by 37.20% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Will the Shiba Inu bulls make a grand entrance?
The Shiba Inu price today is $0.000009 USD with a 24-hour trading volume of $214,472,517 USD. Shiba Inu is down 5.97% in the last 24 hours. The trading volumes have decreased over the past day whereas the Volume to Market Cap Ratio stands at 0.04274 for the altcoin.
The labored efforts of the bulls have had a detrimental impact on Shiba Inu Price which is depicted by the asset currently transacting below the 20,50 SMA on the four hour chart. The bears have wrested control from the bulls in the market, which is validated by the presence of the death cross on the charts, and look on course to reach the promised land. If the downtrend sustains, the support level placed at $0.000007 could come under serious strain. On the flip side, the breach of the nearest resistance level placed at $0.000010 would bring the investors some respite in the near term.
Long Term View for Shiba Inu Price
It was expected that after a long period of patient momentum building by the bulls, Shiba Inu would really take off in November. But the asset has delivered contrarian results, with the MACD and signal lines have ventured into the negative zone even as the gap widens between the two and thus, depicting the bearish trend. The red histograms have been keeping pace as well on the daily chart, while the RSI for the altcoin has stumbled to 39.08.
Conclusion
Shiba Inu price today is extremely bearish as the bears have stamped their authority in the market. The technical indicators suggest that there are no signs of the asset recovering swiftly in the days ahead.
Support: $0.0000007
Resistance: $0.000010
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.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
