What to know:
- Shiba Inu (SHIB) price struggles below $0.000006, down about 93% from its all-time high of $0.00008616.
- SHIB remains over 600,000% above its all-time low, reflecting massive long-term gains since inception.
- Low momentum in the market, with RSI at 36.16 and MACD near zero, shows sideways movement with bearish bias.
Shiba Inu (SHIB) has witnessed a sharp decline in its value, dropping by about 93% from its ATH. The recent report by CoinGecko noted that the coin’s ATH occurred almost five years ago at $0.00008616.
Despite this large fall, Shiba Inu still boasts an outstanding increase overall. The price is currently more than 600,000% above the all-time low price of SHIB tokens based on CoinGecko data. This clearly shows how much Shiba Inu has soared since its inception.
The incredible rise of Shiba Inu throughout 2021 was remarkable. It soared by millions of percentage points and ended up being one of the best performers within that period.
However, the trend did not hold for long, as there was a massive correction within the crypto market in 2022. The overall market cap dropped from about $2.9 trillion in November 2021 to below $800 billion by December that same year.
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SHIB Current Market Moves
At the time of writing, Shiba Inu (SHIB) is trading at $0.000005813 with a 24-hour trading volume of $ 103.38 million and a market capitalization of $ 3.43 billion. SHIB price decreased by 3.01% over the last 24 hours, according to CoinMarketCap.
Source: CoinMarketCap
The slowdown that started at the beginning of October has rendered it difficult for any new rally to take shape. In order for a sustainable rally to form, there needs to be some important events that may include regulatory changes. The most important one will be the passing of the U.S. Clarity Act at the end of April.
Shiba Inu Stays Weak as Momentum Slows
The RSI value is approximately 36.16, which is below the critical 50 mark. This indicates low momentum of buying power in the market. The MA Ribbon (20/50/100/200) is grouped around the figure 0.00001, while being well above the price. With the price at 0.00001, the general trend is still slightly bearish.
Source: TradingView
The MACD is hanging around the zero line, close to the 0.00000 level, which implies that the market has very little momentum. The signal line lies above the MACD line, which means there is still some bearish momentum on the market. In summary, the momentum is very little, and the price is sideways with a negative bias.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
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