Shiba Inu’s (SHIB) price action turned bearish as the entire crypto market acquired a different sentiment. With top gainers like Solana, Polygon, and Terra, the meme coins seem to be fading away. The dog coin that rose by more than 830% in the month of October, is currently trading below the support at $0.00006654.
The nearest price resistance is present at $0.00007812, and once the market resumes its uptrend, we might witness a retest of this price level. While the Shiba Inu token flipped Dogecoin a few days back and gained the 9th position in the market, DOGE has regained its supremacy over Shiba Inu, reclaiming the spot.
The recent price action of the coin has been extremely bullish, following an all-time high at $0.00008845 on Oct 28, 2021. According to the data from CoinmarketCap, the 24-hour trading volume of the token is at $5.2 billion, while the market cap rests at $37.7 billion.
SHIB token price analysis on the daily chart using technical indicators
According to our Shiba Inu price analysis on the daily chart by tradingview, the token’s long-term movement is bullish, rising from a low price of $0.00000516 to a high price of $0.00008845 in 52 weeks.
The price action remains above the 50-day and 100-day Moving Averages, indicating that the trend is bullish. Furthermore, the price action broke out from the upper end of the Bollinger Bands and is currently cooling off near the upper edge of the Bands.
The RSI levels are progressing with a negative gradient, hinting at bearish price action in the short term. However, the buying pressure still wins over the selling pressure.
On the other hand, the MACD indicator shows that the MACD line (blue) is moving towards the signal line (orange) although, the histogram is currently green. If the orange like breaks above, we will see lower prices in the near future.
Today’s Shiba Inu price analysis can be concluded on a bearish note as the token is below an important support level. However, if the bulls take over, the prices might reclaim this support, moving upwards to breach the all-time high.