Shiba Inu price has been on a two-week decline; placing it within a rather tight range. From a broader perspective, the crypto market is on a downtrend. BTC, which often sets the pace for altcoins is currently trading below $60,000, which has been a crucial support level for a month. With the low risk appetite, the trend may continue for a while.
SHIB has been on a decline for two weeks now. During that timeframe, it has dropped by about 34.60%. Besides, it has declined by about 50% from its all-time high of 0.00008616 that it hit in late October. As cryptocurrencies remain under pressure in the current week, the altcoin is now trading below the psychological level of 0.00005000.
At the time of writing, Shiba Inu price was up by 0.59% at 0.00004278. On a three-hour chart, it is trading below the 25 and 50-day exponential moving averages. Besides, with an RSI of 28, the altcoin has entered the oversold territory. As such, I expect a corrective rebound in the immediate term.
The crypto will likely trade within a tight range of between the support level of 0.00003998 and along the 25-day EMA at 0.00004700. A further rebound may place the resistance level at 0.00005403. from this perspective, Shiba Inu price will probably remain within the two-week range of between 0.00004000 and 0.00006000 in the short term.
This post was last modified on Nov 19, 2021, 05:53 GMT 05:53