The Shiba-Inu token has been on a downward trend in recent weeks. Despite reaching a high of $0.00008616 in October of last year, the coin has not witnessed a significant price increase and is currently 75 percent behind its all-time high.
The Shiba Inu pricing, like the rest of the market, is indicating that there will be more selling. Shibarmy should be excited, though, because Shiba Inu is planning to debut its Metaverse-‘Shiberse’ in 2022, which might work as a catalyst for the price.
Shiba Inu poised for further losses?
Although there have been signals of bulls attempting to reverse the present trend, Shiba Inu is not in a sweet spot and has not witnessed bulls stepping in to save the day. However, global market challenges have proven to be too strong to overcome.
The Fed’s announcement of a tightening cycle has alarmed investors and prompted a more subtle risk-off tone, which is reflected in Nasdaq on the downside. This also explains why bulls haven’t been able to break through the present downtrend in SHIB price action.
The price progressively grew to $0.00002150 on January 29, 2022, and hovered around that level. Today, the price recovered its positive momentum, rising to $0.00002224 and regaining part of its lost value.
SHIB is currently trading at $0.00002202, a gain of more than 2%. $0.00002250 is the nearest resistance level, followed by $0.00002350.
The cryptocurrency’s Relative Strength Index (RSI) score is 51, putting it in the upper neutral zone and indicating no signs of depreciation or inflation. However, because purchasing activity has now equaled selling activity, the RSI score has remained the same.
Conclusion
Last week, the Shiba Inu price broke below the 200-day SMA in a flat bearish candle. As markets struggled to recover, the SHIB price was pressured this week and sank further to the negative. Expect the downturn to continue, with a challenge of the week’s low at $0.00001708.
