- Shiba Inu price analysis highlights SHIB’s ongoing price consolidation.
- Weeks after a continuous price-down surge, Shiba Inu appears stuck in consolidation.
- Shiba Inu could lose more than 50 percent of its value to register a new lower low.
- The reduction in trade volumes adds validity to the bearish narrative.
After weeks of recording negative price movements, Shiba Inu appears to have entered into consolidation. At present, the crypto asset is stuck in an extension of lower highs and higher lows as indecisiveness scales.
Shiba Inu Price Analysis: General price overview
Shiba Inu appears to be under pressure at the time of writing as the crypto asset selling spree continues. At present, Shiba Inu is exchanging hands at around $0.00000730, which is about 85 percent below its ATH and slightly above its all-time low. The crypto coin also has a market capitalization of about $2.8 billion, ranking at 37 on coinmarketcap.com.
According to analysis, there are 3 reasons why SHIB registered a negative price movement today. First, it is due to the recent China ban on crypto assets in the vast Asian nation. Reports say the Chinese government has shut many social media platforms of leading crypto assets such as Shiba Inu. Second, SHIB’s negative price movement is due to the general cryptocurrency sell-off experienced during the recent FBI recoup of most of the cryptos stolen during the Colonial Pipeline scandal. As such, investors are questioning the security of the privacy-oriented token. Finally, rumors have it that the Feds will search through investor information with token accumulation during the May crash.
Shiba Inu price movement in the past 24 hours
At the time of writing, SHIB is up by about 40 percent from its $0.00000629 low registered on May 19. While the crypto coin is trying to bounce back, retesting all-time milestones remains hard as the dog-themed crypto coin requires a 480 percent upsurge for a retest.
According to the 24-hour chart, SHIB has been trading within a symmetrical triangle pattern, signaling an intensifying level of indecisiveness. The symmetrical pattern’s calculated move is roughly 50 percent, forming a lower target of $0.00000402 and an uptick target of about $0.00001477. SHIB’s price action could witness a significant downward trend during this phase of indecisiveness and lack of buyers.
The 4-hour chart shows Shiba Inu is currently struggling to settle above the 50 and 100 4-hour Moving Averages. These 2 technical indicators are acting as tough barriers for the crypto coin, especially whenever social volumes depreciate. Shiba Inu’s social volume has been consistently declining since its ATH on May 10. While May 25 witnessed a spike in social volume, Shiba Inu’s price continues to fail to follow suit.
According to key social media metrics, Shiba Inu’s bearish narrative could validate if the crypto-asset fails to settle above the downside trend line on the 24-hour chart. This will lead to a 50 percent price decline. However, in the case of a sudden rally in buying pressure, the crypto coin should settle above the 50 4-hour Moving Average and the 100 4-hour Moving Average to invalidate the bearish narrative.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.