Shiba Inu price analysis: SHIB down 5 percent to continue decline

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price fell over 5 percent yesterday
  • Price fell to as low as $0.00001150
  • Trading volume fell 12 percent over past 24 hours

Shiba Inu price analysis remains bearish for the past 24 hours after price fell more than 5 percent to move down to $0.00001150. The $0.00001291 price level remained crucial for SHIB before yesterday’s decline, which came after the November 4 ascent up to $0.00001364. Shiba Inu appears to be trading in a symmetrical triangle pattern, which could be taken as a sign of market indecision. To support the narrative, the price decline over the past 24 hours was coupled with a 12 percent drop in market volume. Shiba Inu jumped to an October high of $0.00001519 just by the end of the month. Currently, price is staying in a consolidation phase between $0.00001150 and $0.0000139 since then.

The larger cryptocurrency market fell into decline over the past 24 hours, led by Bitcoin’s dip below the $21,000 mark to fall down to $20,500 with a 3 percent decrement. Ethereum also faced a slight decline worth 1 percent to $1,500, whereas leading Altcoins also faced similar downtrends. Ripple dropped 2 percent to $0.46, with Dogecoin facing a significant 6 percent drop to $0.109. Meanwhile, Cardano dropped down to $0.403, while Solana dipped heavily worth 10 percent to move down to $29.37.

Screenshot 2022 11 07 at 11.21.46 PM
Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360

Shiba Inu price analysis: Descending triangle appears on daily chart

On the 24-hour candlestick chart for Shiba Inu price analysis, price can be seen trending downward on successive trading sessions since November 5, with lows of $0.00001150 recorded. Since then, price has been forming a descending triangle, which can normally be taken as a sign of an upcoming breakout. SHIB price has fallen below the important 9 and 21-day moving averages over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $0.00001198.

SHIBUSDT 2022 11 07 23 29 40
Shiba Inu price analysis: 24-hour chart. Source: Trading View

The 24-hour relative strength index (RSI) also appears to be trending sideways along with price at a slightly overbought level of 53.43. Meanwhile, the moving average convergence divergence (MACD) curve also presents an impending bearish diversion in place that also represents a bearish market. Over the coming 24 hours, SHIB price is expected to trend between $0.00001130 and $0.00001160 and consolidate market interest.

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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