Shiba Inu’s (SHIB) price extends the previous sessions downward moment on Saturday. At the press time, SHIB is trading at, down 11% for the day. After a sharp sell-off on NASDAQ, the crypto currency market hit the fresh lower grounds. Market participants are expecting a further continuation of downside momentum, with a possibility of $0.000015.
- Shiba Inu’s price falls like a pack of cards on Saturday.
- SHIBA accelerates the selling after US stocks tumble on Friday.
- A break below the 200 DMA results in a 300% fall in the price.
SHIBA falls more than 30% in the week
Shiba Inu’s (SHIB) price is in shock along with the global financial market following the bearish headwind in the US stock market. Thus highlighting the risk to cryptocurrency due to risk aversion among investors.
SHIB is scrolling down to $0.00001500, a new lower level for the digital currency. This could be the next support level, but with the ongoing negative market sentiment, the price could further breach the level. As the MACD (Moving Average Convergence Divergence) trades below the midline with a bearish crossover. That is supporting the bearish thesis for the pair.
However, the formation of a long body Doji on the daily chart indicates buyers are seeking some bottom-buying opportunities near lower levels. The first upside target could be found at the high of January 21 at $0.00002704 in that case.
Another momentum oscillator, the Daily Relative Strength Index (RSI) is trading in the oversold zone. Any uptick in the RSI could help the bulls to pitch for higher levels.
Trending Stories
Shiba Inu (SHIB) is down more than 18% in the last 24-hour with volumes gaining 82% according to Coinmarketcap. Thus, strengthening the case for the bears.
Often enough, markets witness an upside momentum after continuous gloomy negative sessions. Traders could come for the bargain buying which would result in a point, where the market is set to revaluate the trades.
- Terra Crash Spilled Over Into Other L-1 Blockchains, Here’s How
- Terra Like A Crypto “Pyramid Scheme,” Says Activist Investor Bill Ackman
- Ethereum Shorts Building Up, ETH Exchange Supply Rises
- Bitcoin (BTC) Hits 3-Day Death Cross, More Bloodbath Coming?
- Crypto Expert PlanB Reveals New Bitcoin (BTC) Bull Run
- Solana (SOL) NFT Trades Moon Amid Crypto Crash
- LUNA Founder Faces Community Backlash Over LUNA Revival Plan; Here’s Why
- Breaking: Do Kwon Releases Another LUNA Revival Plan
- Just-In: Grayscale Adds Five New Tokens To Its Investment Products
- Another Stablecoin Follows LUNA $UST, Crashes Within Hours
- Ethereum Price Analysis: ETH Price Erases Recovery Gains Towards $2,000
- Decentraland Price Analysis: MANA Price Sinks 10%; Are You Still Holding?
- Bitcoin Price Analysis: BTC Price Under Bear’s Spell; Is $26,000 On Cards Again?
- ETH Price Analysis: Consolidation Range Soon To Launch ETH Above $2250
- Bitcoin Price Analysis: Triangle Breakout Sets BTC Rally To $32000 Mark
- LUNA Price Analysis: Opportunity to Buy Cheap or A Bull Trap?
- Decentraland Price Analysis: MANA Price Prepares For 60% Gains; Are You Buying?
- SOL Price Analysis: Is $60.0 Around The Corner On The 4-hour Chart?
- DOGE Price Analysis: Wedge Pattern Retest Phase Warns $0.08 Fallout
- Ripple Price Analysis: XRP Price Remains Pressured below $0.50; Is Selling A Good Choice?
