The Shiba Inu price has been under intense pressure lately. The SHIB price remains more than 82% below its all-time high. So far in September, the coin has declined nearly 7%. Shiba Inu’s total volume traded in the last 24 hours has jumped 66.45% to $1.075 billion. The coin’s total market capitalization has jumped 19% to $2.7 billion. Shiba Inu ranks as the 53rd largest cryptocurrency in the world. It is slightly above BitTorrent and slightly below Kusama.
The overall cryptocurrency market has been on a bumpy ride for the past few days. According to data by CoinMarketCap, the global cryptocurrency market capitalization has declined to $2.08 trillion, down from $2.35 trillion, its highest.
Bitcoin’s failure to settle above its multi-month high of $52,000 has dampened the overall cryptocurrency sentiment. The world’s leading cryptocurrency has been trading below the crucial $50,000 level, declining more than 7% in the last seven days. At the time of writing, the coin was trading at $45, 968.
Nonetheless, some coins have still maintained their rally despite Bitcoin’s epic fail. Solana has been among the best performing coins in the past two weeks, jumping more than 84% in the last seven days. Other high-yielding virtual coins include Alogrand, Near Protocol, Fantom, and Quant.
Just like the global crypto market, the Shiba Inu price outlook remains uncertain. While the leading digital assets remain in red, the SHIB price is likely to follow suit.
SHIB Technical Analysis
On the two-hour chart, it is crystal clear that the Shiba Inu price has been on a rough road. At the time of writing, the coin was up more than 5% at $0.00000703.
The coin has found support along the 25-day and 50-day exponential moving averages. Its Relative Strength Index (RSI) remains steady at 57.
Therefore, a move below the key support at $0.000007 will push the price lower to find support at $0.0000065. However, a move bullish uprun will have the bulls eyeing the resistance at $0.0000076.