SHIB Price Analysis: Shiba Inu in a perilous situation as bears take charge

•SHIB/USD is currently priced at $0.000010 and has decreased by 7.72% over the past day

•The trading volumes have increased by 19.32% over the past day 

•The technical indicators suggest a bearish outlook for the near term 

Short Term View: Will the Shiba Inu price be able withstand the bearish pressure?

The Shiba Inu price today is $0.000010 USD with a 24-hour trading volume of $382,580,343 USD. Shiba Inu is down 7.72% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.06646 for the altcoin. 

Shiba Inu finds itself in the middle of a downtrend amid the tightening of the grip by the bears, an event that has dealt a big blow to the investors. The asset is yet to come to terms with the intense selling pressure prevailing in the market, as Shiba Inu price continues to transact significantly below the 20,50 SMA on the four hour chart. There is downside to be associated with Shiba Inu Coin, with the bears likely to target the support level placed at $0.000008 in order to tighten the screws in the bulls. On the other hand, the resistance for Shiba Inu resides at $0.000012 which the bulls will be aiming to scale in order to flip the momentum to their side.

Long Term View for Shiba Inu Price 

The Shiba Inu price has taken a beating over the past few days, and the technical indicators for Shiba Inu are suggesting a hawkish outlook for the near term. The RSI indicator has succumbed to the bearish pressure and is currently transacting at 44.77 after the asset failed to climb above the 14-day average line. A bearish crossover occurred on the daily chart two days ago which has led to the development of red histograms. These bars are rising rapidly in size which depicts the increasing strength of the bearish rally, as the gap continues to widen between the MACD and signal lines.

Conclusion 

Shiba Inu is currently in a period of turbulence as the bears have taken centrestage. Moreover, the increasing strength of the bearish rally and the technical indicators do not instill much faith in the investors. Hence, Shiba Inu Price is likely to continue dwindling in the days ahead. 

Support: $0.000008

Resistance: $0.000012

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.