Shiba Inu Price Under Pressure and May Plunge to $0.00001382

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The Shiba Inu price dropped over 3% in the last 24 hours to trade at $0.00001665 at press time.

With this recent correction, the SHIB price is down more than 4% on the weekly timeframe. Its monthly performance is also in the red by over 33%.

Shiba Inu Price Technical Overview

4-hour chart for SHIB/USDT (Source: TradingView)

The Shiba Inu price has been in a consolidation phase between $0.00001631 and $0.00001769 throughout the past couple of days. Now, traders are attempting to pull the meme coin’s price below the lower boundary of this range. Should bears succeed, SHIB could be at risk of plunging all the way down to $0.00001382 in the following 48 hours.

Also read: Notcoin Price Plummets, Key Trading Signals To Watch

On the other hand, the Shiba Inu price managing to remain above $0.00001631 for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the meme coin’s price might attempt a challenge at the $0.00001769 barrier.

Overcoming this threshold could then clear a path for the crypto to keep climbing in the following few hours. Traders might subsequently enter into a long position for SHIB, which could lead to its price rising to $0.00001964 in the short term.

SHIB Under Immense Bearish Pressure

Technical indicators on SHIB’s 4-hour chart suggest bears are in full control of the Shiba Inu price. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing negative signs. This is after both technical indicators triggered major bearish flags during the last 24 hours.

Also read: PEPE Price Analysis: Bearish Trends and Levels To Watch

Throughout the past day of trading, the MACD line crossed below the MACD Signal line. Traders usually see this as a sign that a crypto has entered into a bearish cycle. What’s more, the MACD line is breaking away below the MACD Signal line. This suggests SHIB’s bearish momentum is intensifying as well.

Meanwhile, the RSI line also crossed below its Simple Moving Average (SMA) line, which might indicate that bears have gained the upper hand against bulls on SHIB’s 4-hour chart. Should sellers choose to capitalize on the new advantage, it will be easier for them to pull the Shiba Inu price down in the coming 24 hours than it will be for buyers to boost it during the same period.

Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Ecoinimist is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.

Author

Steven Walgenbach

Steven's passion for cryptocurrency and blockchain technology began in 2014, inspiring him to immerse himself in the field. He notably secured a top 5 world ranking in robotics. While he initially pursued a computer science degree at the University of Texas at Arlington, he chose to pause his studies after two semesters to take a more hands-on approach in advancing cryptocurrency technology. During this period, he actively worked on multiple patents related to cryptocurrency and blockchain. Additionally, Steven has explored various areas of the financial sector, including banking and financial markets, developing prototypes such as fully autonomous trading bots and intuitive interfaces that streamline blockchain integration, among other innovations.

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