- Shiba Inu price analysis is bearish today.
- SHIB/USD continued to retrace over the last 24 hours.
- Next support at $0.00004 previous low.
Shiba Inu price analysis is bearish today as we saw a continuation of a slow retracement over the last 24 hours. SHIB/USD has also retraced back below $0.000045 as the $0.00004 mark will likely be tested next.
The overall market saw a bearish momentum return over the last 24 hours. Bitcoin declined by 3.31 percent, while Ethereum by 3.06 percent. Meanwhile, Crypto.com Coin (CRO) is among the best performers, with a gain of over 5 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu continued to retrace
SHIB/USD traded in a range of $0.00004307 – $0.00004604, indicating mild volatility over the last 24 hours. Trading volume has declined by 18.21 percent, totaling $1.755 billion, while the total market cap trades around $24.38 billion, ranking the coin in 12th place overall.
SHIB/USD 4-hour chart: SHIB targets $0.00004 previous low next?
On the 4-hour chart, we can see bearish momentum still strong, likely resulting in the Shiba Inu price dropping further.
Shiba Inu price has seen several weeks of bearish momentum as bears still look to retrace. The previous major swing high was set at $0.0000885 on the 27th of October, with sharp rejection following to $0.00006.
Since then, several lower highs and lower lows have been set, indicating a clear bearish market structure. The trading range saw consolidation earlier this month as the $0.000045 prevented further downside, indicating a potential reversal.
However, another break lower followed on the 18th of November to $0.00004. Since then, the Shiba Inu price has seen another lower high set with a brief spike higher on the 19th of November. From there, SHIB/USD has continued to retrace, moving past the $0.000045 previous support again.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bearish today as we expect further downside after a steady retracement over the last 24 hours. Likely SHIB/USD is headed to test the $0.00004 previous low next.