- The Shiba Inu (SHIB) market experienced a significant decline in the past 24 hours due to bear dominance and resistance at $0.0000103.
- Trading volume increased by 79.64%, but market value decreased by 2.20%, indicating mixed investor sentiment.
- The stochastic RSI reading suggests an oversold market, while the MACD blue line and Keltner Channel bands indicate a negative trend.
In the past 24 hours, the Shiba Inu (SHIB) market experienced a significant decline, with efforts to recover proving futile due to the solid resistance level at $0.0000103. During the slide, bears successfully drove down the price of SHIB, finding support at an intraday low of $0.00000996.
As of this writing, the bears continued to dominate the Shiba Inu market, causing the price to fall to $0.00001003, a 2.16% drop from the previous close.
SHIB’s market value fell by 2.20%, to $5,914,935,785, while its 24-hour trading volume rose by 79.64%, to $116,670,294. These divergent trends show that investors have mixed feelings about the stock. Trading volume is up, but the market value of SHIB is down as some investors purchase more and others sell.
SHIB/USD 24-hour price chart (Source: CoinMarketCap)
On the 4-hour price chart for SHIB, the stochastic RSI reading of 0.00 and movement below the signal line indicate that the stock is oversold and may experience a temporary rebound. However, traders should proceed cautiously because this may be a relief rally rather than a long-term trend reversal.
On the price chart for the 4-hour time frame of the SHIB market, the MACD blue line is positioned below the signal line and in the negative territory, with a reading of -0.00000003. This action is consistent with a negative trend in the market, and investors may want to consider selling existing SHIB tokens or delaying the purchase of further tokens until the price has a chance to decline further.
SHIB/USD 4-hour price chart (Source: Tradingview)
The Keltner Channel bands are shifting southward, with the upper bar at 0.00001045 and the lower bar at 0.00000997. The price of SHIB is on a downward trend and might soon test the next support level.
The price action formation of red candlesticks towards the bottom band lends credence to this opinion. A reversal or rebound might occur if prices continue moving in this direction and break below the bottom band, indicating that the market is oversold.
The change to the negative zone of the Chaikin Money Flow (CMF) scale and the value of -0.20 on the 4-hour price chart of SHIB both suggest that selling pressure is more vital than purchasing pressure. At this price, investors are likely selling SHIB more than they are buying it, which might trigger more price drops.
SHIB/USD 4-hour price chart (Source: TradingView)
The negative trend in SHIB has ended, and the stock is oversold, suggesting its price may rise. Investors need to keep a careful eye on the market and be prepared to capitalize on any possible chances.