The global crypto market continued to reel under pressure as most of the assets were trading in red, with some even dropping to monthly lows. Shiba Inu [SHIB], too followed the broader market meltdown as it went on a downward spiral ever since hitting an all-time high of $0.000088 a month back. The canine token slipped by more than 52% from its record high to its current level.
At press time, the asset is changing hands at $0.00003818 with a 24-hour trading volume of $2,09 billion. Its market cap was found to be at $21.15 billion. Shiba Inu was down by 1.97% in the last 24 hours and decline by 16.51% over the course of 7 days.
What do Shiba Inu [SHIB] price technicals depict?
In the above 4-hour chart, the Relative Strength Index [RSI] indicator hovering below the half-line signaling sellers are dominating the asset market. With regards to the Chaikin Money Flow [CMF] cruising below the zero line is projecting an increase in capital outflow in the market. The closing red candles of the Awesome Oscillator [AO] too reiterated the bearish narrative.
As gauged from the above short-term chart, the price has been going downhill after undergoing a DEATH CROSS by the 50 MA [Pink] with the 200 MA [Green] on 19th November, followed by another bearish crossover a few days later by the 200 MA and the 100 MA [Yellow] further signaling a downtrend.
The asset continued garnering tremendous traction despite the bearish price outlook. Previously Tronweekly had reported on its highly anticipated payment support in the retail firm Newegg. The latest listing follows after the meme coin gained entry across major crypto exchanges like Binance, Bitfinix, and Coinbase except for Kraken. Apart from that, the asset can also be in a huge turnaround in terms of its Metaverse development as evident from reports of Shiba Inu forging partnerships with William Volk, former VP at Activision Studios, to create a Shiba Inu game.