- SHIB price has declined by 15.96% in the last two days.
- Shiba Inu price has slipped below the 20-Day EMA indicating selling pressure.
The Shiba Inu price has been in a bullish trend on a wider time frame and recorded a 52-week high of $0.0000456 on March 05, 2024. At the beginning of this month, the SHIB price jumped by 250% in just 5 days but it failed to sustain the 0.0000400 hurdle. Furthermore, the buyers panicked and the price dropped by 30% in 3 days due amid the profit booking.
The bullish trend was disturbed near the $0.0000350 mark and declined slightly. The price attempted again to surpass this level but sellers were strong enough to drag down the price. Here, the investors preferred to book profit, resulting in a fall of approximately 30%.
The current market price of the Shiba Inu coin is $0.0000244 which has dropped by 1.61% in the last 24 hours. The market capitalization of Shiba Inu is $14.41 Billion and according to the market cap, it ranks 11th in the cryptocurrency market. The 24-hour trading volume is $1.83 Billion which has increased by 15%.
Shiba Inu Crypto Price vs Volume Analysis
Based on the graph of price and volume, the trading volume has dropped from $16 Billion to $1.80 Billion from the first week of March and the price has also declined. Suppose the trading volume continues to decline, then it may leave a negative impact on the price.
Shiba Inu Crypto Social Dominance vs Social Volume
The graph of social dominance and social volume has displayed a fall for the last few weeks which has led to a negative trend. The next momentum of the SHIB coin price can be affected by the change in social dominance and social volume.
Shiba Inu Price Has Declined by 30%; Will It Rebound?
BINANCE: SHIB/USD 1-Day Chart By TradingView
On a daily time frame, the Shiba Inu crypto price has performed negatively for the last few weeks and has dropped by 30%. The price has slipped below the 20-Day exponential moving average and is heading for the 100-Day EMA.
It has triggered a pullback in the short term and is trying to sustain below the 20-Day EMA. Suppose the SHIB price sustains below the 20-Day EMA then sellers may become confident and investors may prefer to book profit on a higher level which may lead to a bearish trend in the short term.
On the other hand, if the Shiba Inu crypto price rises over the 20-Day EMA and sustains, then the buyers may get the opportunity to buy the dip and lift the price to the $0.0000350 hurdle soon. Suppose the price spends some time near the $0.0000350 hurdle and triggers a breakout, then the buyers may lead the trend further.
Turning to the technical indicators, the SHIB price has dropped below the 20-Day exponential moving average and is heading for the 100-Day EMA amid selling pressure. RSI is at 48 which is continuously declining from the overbought zone. Overall, the Shiba Inu price favors a negative forecast.
Technical Analysis of Shiba Inu Coin Price on 4-H Timeframe
In a 4-H time frame, the SHIB price has been declining by forming lower lows and lower highs. For the last few days, the price has been defending the $0.0000250 level but the current candlestick has slipped below this level.
Suppose the Shiba Inu coin price sustains below the $0.0000250 mark then the price may perform negatively for the next few days. Alternatively, if the price bounces back and sustains over the $0.0000250 mark then buying momentum for the short term can be expected.
Conclusion
Shiba Inu price has been in a strong bullish trend for a wider time frame but sellers are taking over the charge in the short term. The price has melted by approximately 30% in the last few weeks which indicates that the profit booking is going on. The SHIB price has slipped below the 20-Day EMA and is heading toward the 100-Day EMA, showcasing negative momentum. Most of the technical indicators suggest a negative forecast.
Technical Levels
Resistance Levels: $0.0000300 & $0.0000370
Support Levels: $0.0000240 & $0.0000175
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.