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- 1 Shiba Inu crypto has slipped below the 20, 50, 100, and 200-day daily moving averages.
- 2 SHIB’s price is struggling to sustain near $0.00000810.
- 3 Shibarium relaunch creates buzz among the investors.
Shibarium has crossed 100,000 wallets on its platform within the time frame of 24 hours. Shibarium is a new L2 blockchain for SHIB that was relaunched on 28 August after the previous launch was filled with technical issues. Shibarium uses SHIB for gas fees. Moreover, the project focused on obtaining gaming and metaverse apps on the platform. However, SHIB holders withdrew 1.8 trillion SHIB tokens this week, the value of which is approximately $14.5 million.
The number of wallet addresses increased from 65000 to 100,100 within a time period of 24 hours, with an average block time of 5.0 seconds and the number of total transactions was around 420,000.
The analyst highlights that Shibarium could have a great impact on the SHIB price if there is a decline in the fear, uncertainty, and doubt (FUD) along with an increase in demand in the market.
Shiba Inu’s Performance In The Market
Shiba Inu crypto is trading below the key exponential moving averages. SHIB is facing resistance from the 50 EMA at present on the daily timeframe. The price is facing substantial selling pressure in the supply zone, which indicates that bears may push its value down further in the near future.
Shiba Inu price prediction indicates that the coin may see further depreciation in its value within the next few months. Presently, the price is down by -4.81% over the past month and according to the price action, it is facing bearish pressure.
At the moment, sellers are in charge of the trend where they are maintaining firm command over the price action, even though the bulls have attempted to take control. Despite the bullish optimism, the buyers were unable to break above the 50 EMA, and bears regained supremacy over the price action on the 1-day chart.
At the time of writing, SHIB is trading at $$0.00000810 with an intraday loss of -1.22%, signaling bearishness. Moreover, the trading 24-hour volume is 308.641 Billion and the last 10 days’ average trading volume is $964.164 Billion. The technical indicators suggest that bears hold the edge over the price action. The price pattern, oscillators, EMAs, and volume are moving in tandem, giving identical signals.
Shiba INU: Sellers’ Dominance is Visible
At press time, the Shiba Inu coin is trading above both the 50-day and 200-day Simple Moving Averages (SMAs), which are providing support to the price trend. However, in the event that selling volume increases, there is a possibility that the price could breach the supporting SMAs by forming lower highs and lows. Consequently, there is an anticipation for the SHIB price to shift downwards, reflecting bearish sentiments on the daily time frame chart.
The MACD line at -0.0000000020 and the signal line at -0.0000000010 are below the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the SHIB price. The current value of RSI is 43.15 points. The 14 SMA is above the median line at 43.51 points which indicates that the coin’s price is bearish.
Conclusion
Shiba Inu coin is trading in a tight range; however, the weightage is mostly on the selling side. The MACD, RSI, and EMA are highlighting negative trends and imply that the bearish trend may continue in the SHIB price. Shiba Inu price action suggests that the investors and traders are bearish on the 1-Day time frame. The price action reflects a bearish perspective at the moment. The current scenario requires traders and investors to be patient and look for a clear break below or above the range, before making any moves and they should avoid the fear of missing out to minimize losses.
Technical Levels
- Support Levels: The most immediate support levels for the Shiba INU crypto price are $0.00000743 and $0.00000638.
- Resistance levels: The most immediate resistance levels for the SHIB crypto price are $0.00000915 and $0.00000982.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in crypto involves risk. Please assess your situation and risk tolerance before making any investment decisions.
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.
