The crypto market witnessed both the bulls and the bears in the market. Assets like Shiba Inu [SHIB], Dogecoin [DOGE] as well as Binance Coin [BNB] were drowning in red while others like Ethereum [ETH], Solana [SOL], and XRP were slowly being pulled in by the bears.
Bitcoin [BTC] after attaining a new all-time high, retraced back to $65K. The asset’s market cap, however, was still above $1 trillion and the overall number was at a high of $2.86 trillion.
Almost all the assets had a pretty good week. Binance Coin recorded a significant surge. The meme coins were clearly taking a breather. Both, Dogecoin and Shiba Inu amassed immense traction which further pushed the price of these assets upwards.
Shiba Inu has been making the rounds as the rival coin of DOGE. The altcoin with its adoption rate and price change managed to garner a spot in the coveted top 10.
However, the asset had quite a fall, both in terms of price as well as market cap. At the time of writing, SHIB was trading for $0.00005094 with a 5.38% drop in the last 24-hours. Throughout the week, the asset dipped by over 10%.
The market cap of the altcoin was at $28.2 billion and hence it took over the 11th spot.
Shiba Inu [SHIB] one-hour price chart on Binance
The short-term price chart of Shiba Inu painted mixed emotions. The Chaikin Money Flow [CMF] indicator has been in the bearish arena for quite some time now. The CMF marker remained below the zero median, however, it was close to the bullish arena. Therefore, a reversal in trend wouldn’t come off as a surprise.
The MACD line was above the signal line as it formed a bullish crossover.
Sellers had assembled in the SHIB market. The Relative Strength Index [RSI] indicator noted that the altcoin was being excessively sold. Only a few hours ago, the asset managed to move on from the oversold zone.