SHIB Price Analysis: Bears turn the screws on Shiba Inu Price 

•SHIB/USD is currently priced at $0.000010 and has decreased by 4.64% over the past day 

•The trading volumes have increased by 66.08% over the past day 

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

Short Term View: Shiba Inu bulls lose ground to the bears

The Shiba Inu price today is $0.000010 USD with a 24-hour trading volume of $504,864,858 USD. Shiba Inu is down 4.64% in the last 24 hours. The trading volumes have increased over the past day whereas the Volume to Market Cap Ratio stands at 0.0881 for the altcoin. 

The emerging descending triangle projects lower prices for Shiba Inu moving forward. The negative sentiment surrounding the altcoin is demonstrated by the Shiba Inu Price transacting below the 20,50 SMA on the four hour chart. The support is still quite strong as it is present at $0.0000075 at the present moment. However, a sustained push by the bears could alter the trajectory of the coin and bring the prices further down. On the flip side, the resistance for the altcoin is placed at $0.000015 in the event of the bulls making a comeback. 

Long Term View for Shiba Inu 

The technical indicators for Shiba Inu drive home the bearish sentiment prevailing in the market as the asset has yet to recover from the oversold territory and is currently transacting at 29.90. The green histograms on the daily MACD chart have been stagnant for a while now whereas the MACD and signal lines are transacting in the negative territory as well, which adds to the bearish pressure. 

Conclusion 

The technical analysis for Shiba Inu Price suggests a negative outlook for the near term. There is no bullish move on the horizon to reclaim the critical round level of $0.000015.

Support: $0.0000075

Resistance: $0.000015

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 financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss. 

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