Shiba Inu price analysis: SHIB drops to $0.00002990 support after failing to maintain bullish surge

TL;DR Breakdown

• Shiba Inu price fell 8 percent over 24 hours to give up bullish momentum
• Price eyed 46 percent surge to set at $0.00004693 after yesterday’s surge
• Significant sell offs saw price drop as low as $0.00002931

Shiba Inu price analysis for the day shows an 8 percent dip in the token price. SHIB took a turn downwards after yesterday’s 10 percent rise up to $0.00003258. Price was tipped to record a 46 percent rise to go as high as $0.00004691 after crossing critical resistance at $0.00003. Sell offs induced a downturn at this point, as price fell almost 8 percent to move as low as $0.00002931. With this reversal, December 4 low of $0.00002944 now remains on the cards for Shiba Inu, along with the January 5 low of $0.00002848.

The larger cryptocurrency market recorded more losses on the day, as Bitcoin dropped over 2 percent to sit within the $42,800 range. Ethereum also dipped 3 percent to sit at $3,274, whereas Altcoins recorded similar minor dips. Cardano dropped 4 percent to $1.25, Litecoin 3 percent to $136.67 and Polkadot 5 percent down to $26.2. The only positive movement was shown by Dogecoin, upping almost 6 percent to move up to $0.168.

SHIB/USD 24-hour chart: Sudden change in trend indicated by Evening Star pattern

On the 24-hour candlestick chart for Shiba Inu price analysis, appearance of an Evening Star pattern can be confirmed over the past 24 hours which justifies the sudden change in trend. After opening the day’s trade at $0.00003241, sellers dominated the trade and pushed price down to close at $0.00002917. In the process, SHIB also came down to its 25-day exponential moving average (EMA) at $0.0002983, with the relative strength index (RSI) value indicating further potential devaluation at a low market value of 43.81. Over the next 24 hours, price is expected to continue to hover below $0.00003200, with further potential decline in a receding cryptocurrency market on the cards.

SHIB/USD 4-hour chart: Price aims to win back 4-hour EMA

The 4-hour chart for the SHIB/USD trade pair suggests that price could fight back to go above the crucial 25-day EMA straight after falling below it. The 4-hour RSI shows a decent market valuation at 52.30, indicating market potential to push price upwards. The Moving Average Convergence Divergence (MACD) also shows bullish highs for the short-term trade, sitting above its neutral zone and the 0.00 mark. Price could be in line to meet the first resistance point at $0.00003230, as major short-term technical indicators suggest a buying market signal at current trend for Shiba Inu.

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