Shiba Inu price decline continued on Wednesday, as it slid below the $0.00004 mark. SHIB lost 5.68% of its value in 24 hours to trade at $0.00003955 at 0648 GMT. Its steep decline in November contrasts almost perfectly with its steady rise in October.
The breaking of the $0.00004 support level signifies an asset in a free fall, with no retracements in between. The current price trajectory is likely to continue in the near term, as a sell-off persists.
The past two weeks have been tough on both SHIB and DOGE. Both of them exited the crypto market top ten ranking. However, at the time of writing, Dogecoin had displaced Avalanche and regained the tenth spot. Shiba Inu is now ranked thirteenth. Its market capitalization is about $21 billion, after losing almost $40 billion in November.
For now, the next big news around Shiba Inu is the possibility of listing by Robinhood. It remains to be seen whether that will be enough to reverse the dwindling fortunes.
The market momentum for Shiba Inu price is currently weak, with the RSI at 41. This could lead to further price declines. However, the 20-EMA is still above the 50-EMA. This signals that buyers could still turn things around.
For the current downturn to reverse, the price needs to stay above $0.000035. If the market becomes bullish, the price could rise to the first resistance at $0.00004316. If it breaches that point, the next resistance is likely to be at $0.00004854.
If the momentum weakens further, the first support could be at $0.00003554. Beyond that point, the next support is likely to be at $0.00002791.