Shiba Inu price analysis: SHIB reaches 1 million token holders as the price falls

0
5701
  • On the day, the price of a Shiba Inu fell by 7%.
  • Trading volume has also decreased by more than 33%.
  • Despite favorable news of the token obtaining one million token holders, the price fails to capitalize.

Shiba Inu’s price analysis for the day indicates a huge 7% drop in the token’s price, with the price dropping to $0.00003599. The token is fighting to stay above the critical 20 and 50-day Exponential Moving Averages after slowly declining since November 19. Despite SHIB reaching a milestone of one million token holders earlier today, the slide has entered the fray. As a result, Shiba Inu pricing is set for a possibly long bear spell, with trade volume plummeting by more than 33%.

SHIB’s depreciation was mirrored in the wider cryptocurrency market today, with Bitcoin falling 8% to $54,000. Ethereum followed suit, plunging 10% to slightly around $4,000, while other big altcoins also took a hit. Cardano, Ripple, Dogecoin, and Solana have plummeted more than 7%, while Polkadot has dropped 11% to $34.93.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 1
Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360

Buyers try to save the price when it goes below the EMA on the SHIB/USD 24-hour chart

The newest candlestick on the Shiba Inu price analysis 24-hour chart shows buyers seeking to enter the market late to save the price. At $0.00004230, the price had dropped below the critical 20 and 50-day EMAs and seemed to be in free fall. The Relative Strength Index score of 41.99 is not promising, indicating that the token needs a higher market valuation to propel its price higher. Since November 17, the RSI has fluctuated in the low 40s, which is mirrored in the falling price. The price is presently trading between the middle and bottom Bollinger bands’ curves, confirming SHIB‘s bearish trend.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 2
Shiba Inu price analysis: 24-hour chart. Source: Trading View

Buyer momentum is predicted to preserve the price at $0.00003445 support on the SHIB/USD 4-hour chart.

Buyers will apply pressure to rescue price before it hits the support floor at $0.00003445 in the coming short-term trading sessions, giving an investment opportunity for traders. The 4-hour RSI is at 43.60, the same as the daily chart, indicating the 33 percent drop in trading volume. The short-term Moving Average Convergence Divergence (MACD) curve is slightly above the neutral zone, below 0.00, suggesting that the token has enough momentum to keep its price afloat.

Shiba Inu price analysis: SHIB hits 1 million token holders as price continues to falter 3
Shiba Inu price analysis: 4-hour chart. Source: Trading View

Conclusion

Shiba Inu prices continue to suffer, with a daily trading drop of 8% compounding the problem. The announcement of reaching one million token holders was expected to boost the token’s price, but it instead fell along with the rest of the cryptocurrency market. Buyers will be fighting to hold the price above the support level of $0.00003445, but significant technical signs point to a lengthy negative period.

LEAVE A REPLY

Please enter your comment!
Please enter your name here