Shiba Inu price analysis remains bearish for the past 24 hours after price fell more than 5 percent to move down to $0.00001150. The $0.00001291 price level remained crucial for SHIB before yesterday’s decline, which came after the November 4 ascent up to $0.00001364. Shiba Inu appears to be trading in a symmetrical triangle pattern, which could be taken as a sign of market indecision. To support the narrative, the price decline over the past 24 hours was coupled with a 12 percent drop in market volume. Shiba Inu jumped to an October high of $0.00001519 just by the end of the month. Currently, price is staying in a consolidation phase between $0.00001150 and $0.0000139 since then.
The larger cryptocurrency market fell into decline over the past 24 hours, led by Bitcoin’s dip below the $21,000 mark to fall down to $20,500 with a 3 percent decrement. Ethereum also faced a slight decline worth 1 percent to $1,500, whereas leading Altcoins also faced similar downtrends. Ripple dropped 2 percent to $0.46, with Dogecoin facing a significant 6 percent drop to $0.109. Meanwhile, Cardano dropped down to $0.403, while Solana dipped heavily worth 10 percent to move down to $29.37.
Shiba Inu price analysis: Descending triangle appears on daily chart
On the 24-hour candlestick chart for Shiba Inu price analysis, price can be seen trending downward on successive trading sessions since November 5, with lows of $0.00001150 recorded. Since then, price has been forming a descending triangle, which can normally be taken as a sign of an upcoming breakout. SHIB price has fallen below the important 9 and 21-day moving averages over the past 24 hours, along with the crucial 50-day exponential moving average (EMA) at $0.00001198.
The 24-hour relative strength index (RSI) also appears to be trending sideways along with price at a slightly overbought level of 53.43. Meanwhile, the moving average convergence divergence (MACD) curve also presents an impending bearish diversion in place that also represents a bearish market. Over the coming 24 hours, SHIB price is expected to trend between $0.00001130 and $0.00001160 and consolidate market interest.
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Source: https://www.cryptopolitan.com/shiba-inu-price-analysis-2022-11-07/