As cryptocurrencies keep swinging, Shiba Inu (SHIB/USD) is in the trenches. Dropping more than 6% in a week, the cryptocurrency is now trading at $0.0000092. A dip buyer might be interested in the price level. That’s considering SHIB is holding it since it hit a week-long low of $0.000008.
The biggest concern for SHIB and other cryptocurrencies is a crisis of confidence caused by the collapse of FTX. Sentiment is bearish so far as most tokens are currently trading lower. Other than that, SHIB has built on the strengths of the meme token and appeared to have overcome resistance at $0.000012.
In addition to the negative sentiment, Shiba Inu continues to suffer from the lack of significant developments. Notable among these is the SHIB metaverse, which has been stalled for a while. However, on November 16, the Shiba Inu team released some positive updates. The team gave an initial concept art reveal of what to expect when the metaverse becomes a reality. Although the update revives expectations of the key project, SHIB investors are not yet showing optimism. The price of the meme token has remained muted.
SHIB price outlook amid a bear market
SHIB/USD chart by TradingView
Technically, SHIB is under pressure despite buyers defending $0.000008. The level does not coincide with a support zone and the cryptocurrency is likely to fall further.
The RSI shows that SHIB is not yet oversold, although there are more sellers. The indicator shows a downside on SHIB. The meme token is also trading below the moving averages.
Shiba Inu price could drop to yearly lows of about $0.000007 if the current weak sentiment continues. The level coincides with support, which means we are likely to see a lower price. The cryptocurrency does not offer an attractive purchase.
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