SHIB: brief price analysis by CoinPedia
Following in the footsteps of the category leader, the second largest memecoin by market cap, Shiba Inu price continues to display a similar trend by recording a jump of approximately 4% within the past 24 hours. Furthermore, the SHIB token has a Year-to-Date (YTD) of 121.38% in value.
However, the SHIB coin price has lost 11% within the past seven days and 15.32% over the past 30 days, highlighting a rising bearish sentiment for the memecoin in the crypto space. On the other hand, its EMA 50-day acts as a resistance to the price chart, indicating a negative influence in the crypto space.
The Moving Average Convergence Divergence (MACD) shows a constant flatline in its chart, indicating weak buying and selling pressure for the memecoin in the market. However, the averages display a neutral trend, suggesting uncertainty in future price action.
If the market pushes the price above the resistance level of $0.00002375, the bulls will regain momentum and prepare to test its upper resistance level of $0.0000308. Conversely, bearish price action may pull the price toward its support level of $0.0000170 during the upcoming weeks.
