The price of SHIB has decreased by around 3.16 percent during the past day. On the daily chart, a descending triangle has developed. Moreover, the 9 EMA can cross below the 20 EMA.
On the last day, the price of Shiba Inu (SHIB) decreased. At the time of writing, SHIB’s price has decreased by about 3.16 percent during the past several hours. SHIB has declined against both Ethereum (ETH) and Bitcoin (BTC) by 0.34 percent and 1.53 percent, respectively, in addition to the US dollar. The price of 1 SHIB is now equal to 0.000000009196 ETH or 0.000000000519 BTC. However, the crypto market tracker shows that SHIB has increased by about 6.79 percent during the last seven days.
Outlook On Shiba Inu’s Movements
With a $5,702,824,043 market value, the canine-themed coin is presently the 14th largest cryptocurrency project. Even if the weekly chart shows that the meme token is recovering, it could still be too early for investors to purchase SHIB. On the SHIB/USDT daily chart, the price of the meme cryptocurrency has declined and stabilized after attempting the $0.00001228 level, which serves as resistance. On the daily chart, a descending triangle has also developed. The SHIB’s price has not yet topped out the triangle chart pattern that is now visible on the daily chart. Hence, it could still be too early for investors to get enthused about the stock.
The top limit of the chart pattern appears to be something that SHIB’s price wants to test, but prior attempts to do so failed. Investors should also exercise caution because the price of SHIB is now being supported by the 20 EMA line. Given that its price has gone below the 9 EMA level, the 20 EMA is the next level that it will attempt to break through. Finally, the 9 EMA appears to cross below the 20 EMA line, which would be a very bearish indication.
