#Shibalnu
Shiba Inu price analysis — Analyzing if SHIB buyers can defend $0.00000426
Like much of the cryptocurrency market, Shiba Inu, $SHIB, has been facing selling pressure lately, with the token down 1.76% to $0.00000439 over the past 24 hours. The same was the case with Bitcoin, with the total crypto market capitalization down by 1.98%.
The wider market’s sell-off is a cumulative reaction to a multitude of factors that have unfolded worldwide over the past week, primarily caused by political uncertainty post-U.S. midterms, Fed rate hike fears, and geopolitical tensions. Additionally, as $SHIB is a high-beta memecoin, it has followed in the footsteps of Bitcoin’s decline. Subdued ecosystem activity has offered little support so far.
Nevertheless, buyers could be attempting to defend the $0.00000426-support level.
SHIB’s daily chart showcased its bearish trend. However, early signs of a recovery seemed to be forming too. At the time of writing, the altcoin was trading at $0.00000440, within the lower end of the 0%–23.6% Fibonacci retracement zone. Despite sustained selling pressure, buyers have been attempting to defend the $0.00000426 support level.
Momentum indicators suggested that bearish pressure, while in place, had started to ease too. The MACD was still below both its Signal and Zero lines, pointing to a bearish trend. However, the narrowing gap between the two lines suggested that the selling momentum could be losing strength.
Additionally, the recent uptick in OBV indicated that buying interest had started to grow again, especially around these press time levels. However, this needs to be sustained and accompanied by stronger volume before a more convincing recovery can take shape.#Write2Earn $SHIB
Shiba Inu price analysis — Analyzing if SHIB buyers can defend $0.00000426
Like much of the cryptocurrency market, Shiba Inu, $SHIB, has been facing selling pressure lately, with the token down 1.76% to $0.00000439 over the past 24 hours. The same was the case with Bitcoin, with the total crypto market capitalization down by 1.98%.
The wider market’s sell-off is a cumulative reaction to a multitude of factors that have unfolded worldwide over the past week, primarily caused by political uncertainty post-U.S. midterms, Fed rate hike fears, and geopolitical tensions. Additionally, as $SHIB is a high-beta memecoin, it has followed in the footsteps of Bitcoin’s decline. Subdued ecosystem activity has offered little support so far.
Nevertheless, buyers could be attempting to defend the $0.00000426-support level.
SHIB’s daily chart showcased its bearish trend. However, early signs of a recovery seemed to be forming too. At the time of writing, the altcoin was trading at $0.00000440, within the lower end of the 0%–23.6% Fibonacci retracement zone. Despite sustained selling pressure, buyers have been attempting to defend the $0.00000426 support level.
Momentum indicators suggested that bearish pressure, while in place, had started to ease too. The MACD was still below both its Signal and Zero lines, pointing to a bearish trend. However, the narrowing gap between the two lines suggested that the selling momentum could be losing strength.
Additionally, the recent uptick in OBV indicated that buying interest had started to grow again, especially around these press time levels. However, this needs to be sustained and accompanied by stronger volume before a more convincing recovery can take shape.#Write2Earn $SHIB
