Shiba Inu

Shiba Inu Price Tests Key Support Amid Further Retracement

The Shiba Inu price has had a rough couple of months since June. The SHIB token is more than 83% below its highest point in May, when it was started. Its total market capitalization has slipped 2.37% to $2.77 billion in the last 24 hours. The coin’s total volume traded in the last 24 hours has declined to $265 million. SHIB is the 50th largest cryptocurrency in the world.

SHIB Fundamental Outlook

The Shiba Inu price has been under intense pressure lately. The coin has been hovering above the key support at $0.000007 for the past three days. The SHIB price action has been declining since August 17, 2021.

While there is no immediate catalyst for the coin’s bearish outlook, Bitcoin’s decline has played a major role. Bitcoin’s failure to settle above the major resistance level at $50,000 has had a major impact on the overall crypto market.

Lack of momentum in the Bitcoin price is bearish for other cryptocurrencies. Only an improvement in the crypto market sentiment will push Shiba Inu to gain upside momentum.

The recent developments in the platform will also boost the coin’s price. First, the coin’s developers announced that SHIB will be an accepted payment method for NFTs on OpenSea.

Therefore, more buyers need to join the trade to push the digital currency higher. However, large holders of the coin are likely leaving their trades for better yielding coins such as Solana, Ethereum, Polkadot, and IOTA.

SHIB Technical Analysis

The four-hour chart shows that the Shiba Inu is on a choppy road. The coin’s price has been trading below the descending trendline since August 17, before breaking out to the upside in September.

It is trading slightly below the 25-day and 50-day exponential moving averages. It is also trading below the 50-day moving average.

In the near term, the price is likely to decline as sellers eye the key support at $0.0000065. However, a move past the key resistance at $0.0000076, will have the buyers targeting the resistance at $0.0000087.

Shiba Inu Price Chart