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- Shiba Inu price cut costs from the rising trend line a few days ago.
- Trading volume increased during aggressive selling.
- The market capitalization fell 4.5% to $4.5 billion overnight as SHIB was priced below the concept round level.
As the Shibe army grows, they have started burning tokens worth about $45.4 million in the last 24 hours. So the burn rate increased to 196.1%. As of now, the crypto market is suffering from a correction phase when the total crypto market capitalization declined by 2.73% to $805.6 billion.
Shiba Inu on 4 Hour chart
Shiba Inu price is performing under selling pressure along with the market correction. Hence, SHIB price re-attached with the June low of $0.0000080, however, the key demand area is looking much lower than the current trading price. For now, the weekly low could provide support if BTC price calms down.
As at press time, the Shiba Inu price is trading at $0.00000815 against the USDT pair. Today, buyers are forming a fourth bearish candle. In the intraday trading session, MemeCoin is down by 0.61%. While the market capitalization fell by 4.5% to $4.5 billion overnight when SHIB was priced below the concept round level.
Shiba Inu on Daily Price Chart
The 200-day moving average has been a selling red zone for the last seven days. In early November, buyers found a strong price rejection at the same point, which took Sheeba’s price below all important SMAs such as 100,50 and 200. So far the immediate bullish hurdle is seen at the 20 DMA.
On the daily price chart, the RSI indicator has entered the oversold zone. Still it shows a bearish trend for SHIB crypto. On the other hand, the ADX remains close to the 50-day low.
Conclusion
Shiba Inu (SHIB) price is moving towards the demand zone after slipping below the 20-day moving average. Due to the low volatility in meme-coin, buyers may face difficulty in reversing crypto calculations.
Support level – $0.0000080 and $0.0000070
Resistance level – $0.000010 and $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 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.
