- Shiba Inu price went down another 2 percent on the day’s trade
- Trading volume showed signs of stagnancy with a 55 percent decline
- Doji type candlesticks appear on daily chart with formation of a cup and handle pattern
Shiba Inu price analysis shows continuing decline for a third consecutive day. Price dipped a further 2 percent to $0.0000253, sitting dangerously near the $0.0000245 support. While price struggles to consolidate a strong momentum upwards, the popular “Doge-killer” coin was also backed yesterday by its listing on Coin Cloud, which is the world’s largest network of two-way digital machines. SHIB price still trades above the 20,50 and 100-day exponential moving averages (EMAs), suggesting that price remains in a bullish trend. However, a 55 percent decline in trading volume counters the narrative, indicating that the market is inactive.
The larger cryptocurrency market exhibited mixed signs over the day, as Bitcoin continued consolidation above $61,000, while Ethereum also staying in touching distance of the crucial $4,000 mark after a week of significant increments. Altcoins, however struggled to maintain positive momentum, as Cardano, Ripple, Dogecoin and Litecoin, all recorded slight dips of around 1-2 percent. Terra upped around 2 percent, recording the only positive movements among major tokens.
SHIB/USD 24-hour chart: Cup and Handle pattern appears as price decreases
On the 24-hour chart for Shiba Inu price analysis, a Cup and Handle pattern can be seen, where price continues to decrease in broken bits. Buyers attempt to up momentum but sellers appear to be dominant in the market and reject positive movements. Price currently trades barely above its 20,50, and 100 day EMAs but is expected to move below if the current trend continues. The Relative Strength Index presents an undervalued status for SHIB as well, at a meagre value of 47.09.
SHIB/USD 4-hour chart: Worrying RSI reading provides verdict
On the 4-hour chart, similar bearish trends can be seen dominating the market for Shiba Inu. The RSI value sits at a lowly 43.21, suggesting that the market is set to bear a sell off. The Moving Average Convergence Divergence (MACD) curve has also moved below the neutral zone and 0.00 mark, providing further bearish evidence. Price is expected to continue testing the $0.0000245 support over the next short-term trading sessions as further sell offs are initiated.
Shiba Inu price analysis: Conclusion
Technical indicators for Shiba Inu suggest that a further decline is on the cards as price continues to test support. Some positive news came with support for the token from Coin Cloud, but the price yet has not been able to reflect it. The RSI values for both 24 and 4-hour trades present undervalued signs, as price primes to move below the crucial EMAs. Buyers are expected wait over the current trend to see the extent of decline for SHIB, whereas sellers are expected to continue sell offs in the market.
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