Despite the initial recovery attempt engineered yesterday, Shiba Inu still trades below the pivotal 50-day EMA amid the Israel-Iran situation and market crash.
Shiba Inu has been on a downward slope like the rest of the crypto market since April 9. Down 24% from its opening price on April 9, SHIB has breached multiple crucial support thresholds amid the price collapse, currently changing hands below the $0.000022 psychological support.
The market saw a glimmer of hope yesterday after Bitcoin (BTC) retested the $59,700 support and Ethereum (ETH) touched the $2,960 level. Both assets recovered significantly, leading to a bullish response from the rest of the market, with Shiba Inu recording a 3.31% close to the day.
However, the bearish pressure has returned this morning, resulting in a 3.82% drop in SHIB’s price today. This resurgence of selloffs was triggered by multiple factors surrounding the crypto market, unfavorable macroeconomic conditions, and geopolitical tensions.
