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Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter

Terra price analysis

TL;DR Breakdown

  • Shiba Inu price went down 7 percent on the day
  • Trading volume also declined more than 33 percent
  • Price fails to capitalise despite positive news of token gaining one million token holders

Shiba Inu price analysis for the day shows a significant 7 percent decline for the token with price reaching as low as $0.00003599. After steadily decreasing since November 19, the token now faces a stern battle to keep above the crucial 20 and 50-day Exponential Moving Averages. The decline comes into the fray despite a milestone achievement for SHIB to have crossed one million. token holders earlier today. With trading volume also falling more than 33 percent, Shiba Inu price is set for a potentially lengthy bear spell.

The larger cryptocurrency market also reflected SHIB’s decrement today, led by Bitcoin’s 8 percent decline to take it to $54,000. Ethereum followed suit, dropping 10 percent to sit just above $4,000, as major Altcoins also showed significant dips. Cardano, Ripple, Dogecoin and Solana all dropped more than 7 percent each, whereas Polkadot declined 11 percent to sit at $34.93.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 1
Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360

SHIB/USD 24-hour chart: Buyers attempt to rescue price as price falls below EMA

On the 24-hour chart for Shiba Inu price analysis, the latest candlestick shows buyers attempting to come late into the market to rescue price. Earlier, price shipped below the crucial 20 and 50-day EMAs at $0.00004230 and appeared to be in free fall. The Relative Strength Index value of 41.99 does not provide an encouraging reading, with the token needing greater market valuation to push price upwards. RSI has been oscillating within the low 40’s since November 17, which is also reflected in the decreasing price. Price currently sits between the middle and bottom Bollinger bands’ curves, confirming the developing bearish outlook for SHIB.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 2
Shiba Inu price analysis: 24-hour chart. Source: Trading View

SHIB/USD 4-hour chart: Buyer momentum expected to save price at $0.00003445 support

Over the coming short-term trading sessions, buyers will be applying pressure to rescue price before it hits the support floor at $0.00003445, presenting an investing opportunity for traders. The 4-hour RSI shows the same valuation as the daily chart at 43.60, also confirming the 33 percent dip in trading volume. The short-term Moving Average Convergence Divergence (MACD) curve sits just above the neutral zone below 0.00, indicating that there is some momentum in the token to keep price afloat.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 3
Shiba Inu price analysis: 4-hour chart. Source: Trading View

Shiba Inu price analysis: Conclusion

Shiba Inu price continues to struggle and was compounded with an 8 percent decline on the daily trade. The token was expected to be buoyed by the news of making one million token holders, instead price suffered along with the larger cryptocurrency market. Buyers are presented with an investment opportunity and will be pushing to keep price above the support at $0.00003445, but major technical indicators hint towards a prolonged bearish spell for the token.

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.

Razi Khan

Razi Khan

A Master's graduate in Renewable Energy Systems from England, UK, Razi is a tech-enthusiast. He's served as a content specialist for BlockPublisher in the US and has been an avid member of the crypto space as a journalist, trader, investor and analyst since 2018.

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