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Shiba Inu Price Analysis: SHIB slowly continues lower, break below $0.000041 to follow today?

Shiba Inu Price analysis

TL;DR Breakdown

  • 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.

Shiba Inu Price Analysis: SHIB slowly continues lower, break below $0.000041 to follow today? 1
Cryptocurrency heat map. Source: Coin360

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 Analysis: SHIB continues lower, break lower to follow today?
SHIB/USD 4-hour chart. Source: TradingView

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.

While waiting for Shiba Inu to move further, see our articles on the Best Crypto Wallet 2021, Decred Wallet, and Ripple vs SEC.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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