- Shiba Inu price analysis is bearish today.
- SHIB/USD continued to decline overnight.
- Closest support at $0.000041.
Shiba Inu price analysis is bearish today as we expect further downside to follow over the next 24 hours along with the several-week trend. Therefore, SHIB/USD should test the $0.000041 previous low again over the next 24 hours.
The cryptocurrency market saw bearish momentum continue over the last 24 hours. Bitcoin declined by 3.81 percent, while Ethereum lost 2.39 percent. Meanwhile, Shiba Inu (SHIB) is among the worst performers, with a loss of over 5 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu continued to slowly retrace
SHIB/USD traded in a range of $0.000042 – $0.0000462, indicating low volatility over the last 24 hours. Trading volume has increased by 6.8 percent, totaling $1.87 billion, while the total market cap trades around $23.29 billion, ranking the coin in 12th place overall.
SHIB/USD 4-hour chart: SHIB ready to break $0.000041?
On the 4-hour chart, we can see bearish momentum pushing the Shiba Inu price lower today, likely leading to a test of the $0.000041 previous low.
Shiba Inu price has seen a continuous decline over the past weeks. After a new all-time high was set at $0.0000885 on the 27th of October, a sharp reversal followed to $0.00006.
From there, a massive selloff followed on the 4th of November, leading to the $0.000045 mark. Since then, SHIB/USD has continued to slowly set lower highs, while another lower low was seen on the 18th of November when the $0.000041 current low was reached.
On the 19th of November, a reaction higher set another clear lower high, leading the Shiba Inu price action into another slow move lower. Over the last 24 hours, SHIB/USD has approached the previous low at $0.000041, likely leading to a break lower later today.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bearish today as we expect further downside to follow along with the overall trend. Likely SHIB/USD will test the $0.000041 current low later today.