Despite being fairly new to the market, Shiba Inu [SHIB] had the attention of the entire crypto community. From being touted as a rival of the famous meme coin, Dogecoin [DOGE], Shiba Inu quite swiftly climbed the crypto-ladder. In no time, the altcoin had all eyes on it. Its latest price surge was another spectacular that was lauded by many.
Shiba Inu, however, failed to sustain its bullish notion. Despite garnering profits of about 29% over the previous few days, SHIB was drowning in the red sea. At the time of writing, SHIB was trading for $0.00002822 with a 10% drop over the last 24-hours. The altcoin’s hot streak was assuredly infringed by the bears.
SHIB wasn’t the only asset that was heckled by the bear, an array of other coins like Bitcoin [BTC], Dogecoin [DOGE], Terra [LUNA], and a few others were seen riding the bearish wave. Yet, none of these assets endured as big of a fall as Shiba Inu.
Moving on to its market cap, SHIB slid down the crypto ladder. The altcoin was evidently making its way onto the top 10, however, this was was disrupted and the coin stands as the 18th largest cryptocurrency. During press time, SHIB’s market cap was at $11.14 billion.
Shiba Inu [SHIB] one-hour price chart on FTX
The one-hour price chart of SHIB noted major bearish signs. The Bollinger Bands indicator that keeps a check on the volatility rate in the market, revealed that SHIB wasn’t going to endure any major price fluctuations as the bands were close to each other. The MACD line fell below the signal earlier today, forming a bearish crossover.
The Relative Strength Index [RSI] indicator noted that Shiba Inu was being heavily sold than bought. The RSI marker was below the 50 median, however, not too deep towards the oversold zone. Therefore, the chances of recovery were still bright in the Shib market.