- SHIB trades at $0.00002384, losing over 7%.
- The daily trading volume of SHIB has plunged by over 16%.
The global crypto market, with its market cap, plunged by over 5.97% to $3.17 trillion, faced a pullback over the past 24 hours. Bitcoin (BTC) and Ethereum (ETH), which traded above $99.6K and $3.5K have witnessed downside correction.
The dog-themed meme coin, Shiba Inu (SHIB), has steadily plummeted by over 7.97% on a daily scale. The trading day opened with the meme coin traded at $0.00002635. At the time of writing, the meme coin traded at $0.00002384, with the meme coin’s trading volume resting at $1.48 billion.
On November 12, SHIB hit its monthly high of $0.00002938. However, its upward trajectory has faced resistance, and couldn’t continue its climb.
It’s crucial to note the burn rate of Shiba Inu was down by 29.39% over the day. Notably, 1,442,783 SHIBs were burned. Over the past seven days, a total of 202,773,255 tokens were burned.
What Lies Ahead for the SHIB Price?
The technical analysis of the SHIB/USDT trading pair highlights the negative sentiment. The Moving Average Convergence Divergence (MACD) line is resting below the signal line, inferring the ongoing bearish trend. This crossover suggests the selling pressure.
SHIB chart (Source: TradingView)
Additionally, the Chaikin Money Flow (CMF) indicator signals a negative money flow as the value sits at -0.19. Meanwhile, the daily trading volume of the meme coin has dropped by over 16.32%.
The 24-hour chart reveals the daily relative strength index (RSI) at 39.42, suggesting the weakness of the meme coin. Moreover, SHIB’s short-term 9-day moving average is situated below the long-term 21-day moving average.
If the meme coin’s current trading momentum sustains, SHIB might find immediate support and slip below $0.00002180. A steady break below this level would drive the price toward the $0.000019 mark. That might extend the period of consolidation.
In the current pullback scenario, If SHIB regains momentum, it could mount to a price range of $0.000025. The continued steady gains might push the meme coin to test its higher resistance at the $0.00002757 range.
Disclaimer: The opinion expressed in this chart is solely the author’s. It does not represent any investment advice. TheNewsCrypto team encourages all to do their own research before investing.
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