Shiba Inu [SHIB] decided to take a breather following a long stay below the crypto spotlight. While SHIB was taking its break, other coins flourished and managed to overpower the meme coin. Not only did SHIB notice a drop in its ranking, but the altcoin’s price also followed suit.
The fervor around Shiba Inu has been at its peak. The altcoin’s significant price change put several coins to shame. However, volatility continues to haunt the asset. SHIB witnessed a major drop of nearly 10.94% over the previous seven days while altcoins like Avalanche [AVAX] and Crypto.com coin [CRO] witnessed a 50% and 93% increase, respectively.
Not just SHIB, AVAX decided to briefly overtake Dogecoin [DOGE] as well. But, this didn’t seem to last too long as Elon Musk’s favorite crypto-asset regained its position.
Circling back to SHIB, it was noted that the altcoin was trading for $0.00004259, during the time of writing, This drop was following a 5% price change over the last 24-hours.
Furthermore, Shiba Inu stood as the 12th largest cryptocurrency. The chances of SHIB overtaking its counterpart AVAX were rather bleak as the disparity between the market cap of the coins was too high. At press time, SHIB’s market cap was at $23.4 billion, whereas AVAX was at $28.9 billion.
Shiba Inu [SHIB] one-hour price chart on Coinbase
Times were certainly tough for SHIB. The short-term price chart of the meme coin had bears camping in its market. The Parabolic SAR indicator has been residing in the bearish region for the longest time now. Even if there are signs of the bull it was extremely dainty. Currently, dotted lines were imposed over the price candles further restricting any upward movement.
The MACD indicator embodied a similar emotion as it underwent a bearish crossover. The Relative Strength Index [RSI] indicator notified that Shiba Inu was being overtly sold.