Shiba Inu Price Analysis: SHIB defending its support levels against bears, no signs of success https://ift.tt/32lIHmM

TL;DR Breakdown

• Shiba Inu prices continue on their bearish trajectory, falling to October levels
• Shiba Inu price analysis is bearish, with the nearest support at $0.00003047.
• The nearest resistance remains unbroken at $0.00003555.

Since October, Shiba Inu prices have remained sluggish after the token rose by ridiculously high numbers. The price action for the token hints that people do not want to play with meme coins anymore as gradually, tokens with more value is coming into the market.

The trading volume of the meme token has risen by 78.06% in the last 24-hours, followed by a 6.52% drop in prices and a 6.76% drop in the market cap of the token. On the other hand, the token remains at 13th position in the market, trying to gain an entry in the top 10 tokens by market cap.

Shiba Inu has seen a number of adoption cases in the past 30 days, with Newegg accepting SHIB as payment and even American Theatres giant AMC Theatres. Furthermore, the lead developer of the Shiba Inu project, Shytoshi Kusama, has plans of releasing the Shiba Inu NFT game, which will decrease the supply by huge numbers of the token.

Shiba Inu price analysis on the daily chart

The volumes indicate that the Shiba Inu prices analysis is very bearish for today, with a number of daily candles turning bearish for the token since the investors witnessed the all-time high in the month of October at $0.00008616 and are currently more than 66% low from it.

The chart above from TradingView paints a very bearish picture for Shiba Inu as the token is aiming to break out from the lower end of the Bollinger Bands and is resting in the lower region, following a downtrend. Furthermore, the 50-day and 100-day simple moving averages are also bearish, traversing above the price action

The RSI and MACD indicators state the oblivious. The token is in the region where selling pressure is high while the gradient of the RSI line remains negative. Sellers are in charge of the market.

Moreover, the MACD indicators are also bearish as the histogram represents a bearish pattern. On the other hand, the signal line is continuing below the MACD line, hinting that the prices will continue to remain bearish in the future and current support might break.

Conclusion

The daily Shiba Inu price analysis for Monday can be concluded with a very bearish downwards trajectory, and the only hope for investors is the breakdown of resistance zones near the $0.0000355 price level. Currently, the token remains in a downtrend pattern.