Shiba Inu price has broken below $0.00005 level and could be headed for further lows as the crypto market heads south. At the time of writing, SHIB was trading at $0.00004751, its lowest level since October 27th.
High traded volume and prospects of a turnaround
Despite the slump, the trading activity around the asset remains quite active, indicating investor interest in it. Based on the previous 24-hour traded volume, SHIB was the sixth most traded cryptocurrency, with trade worth $3.34 billion.
Considering that it only came to prominence in September, this is Shiba Inu’s first real test. It is the first time that it has lost more than 30% of its value in two weeks, and about 50% in under a month. Therefore, there’s no reference point for a previous bounce-back after such as significant slump. However, the fact that SHIB is a meme coin with an aggressive community backing means that it stands a good chance of recovery.
Technical analysis for Shiba Inu price
Shiba Inu price has broken out to the lower side of the symmetrical triangle, signaling an imminent downtrend. The RSI has fallen below 50, meaning that the momentum has weakened and the bears are likely to be in control. The 10-EMA has also crossed the 20-EMA in the last 48 hours, thus strengthening the bearish assertion.
Based on the current momentum pattern, the price is likely to fall to the first support at $0.00004565. Further decline in the market momentum is likely to see the second support established at $0.00004228. Upward action looks unlikely, but if the momentum strengthens, the price could rise to encounter resistance at $0.00005339.
