Shiba Inu extended its downward movements from the previous session on Saturday. While publishing this content, the canine-themed token trades lower, losing 11% within a day. That came as the crypto market suffered a massive fall, triggered by NASDAQ plummets. For now, SHIB enthusiasts might witness the downside momentum continuing, with a potential of hitting $0.000015.
- Shiba Inu witnessed a substantial fall on Saturday.
- The dog coin accelerated the selling pressure following United States stock plummeting on Friday.
- Breaking beneath 200DMA led to a 30% decline.
SHIB Drops Over 30% within a Week
Shiba Inu and the global financial space seem to shock market participants following the negative sentiment in the United States stock market. The crypto heat map has all the top cryptos in the red region.
Shiba Inu crawls down towards a new lower at $0.00001500. The meme coin might secure its next support barrier at this zone. However, the current negative sentiment in the marketplace might see the currency plunging further to breach the value area. Furthermore, the Moving Average Convergence Divergence hovers beneath the midline, following a bearish cross. Such developments support bearishness for the dog crypto.
Nevertheless, the long body Doji setup on the 24hr chart shows buyers looking for bottom-purchasing opportunities around lower zones. Magnifying the buying activities might see SHIB eyeing the initial upward target at 21 January peak of $0.00002704.
Moreover, the momentum oscillator RSI wavers within the oversold region. Any upswing by the Relative Strength Index might attract bulls at higher price zones. Shiba Inu has lost over 18% of its price within the past day. Meanwhile, the token’s daily volumes surged 82% (data from Coinmarketcap. That accentuates the bearish outlook.
Nevertheless, the markets see an upward momentum following gloomy sessions. Market players might venture in for discount purchases, resulting in uptrends. For now, the crypto world trades on downside waves. The previous 24 hours had the cryptocurrency market bleeding.
Bitcoin saw a massive fall, exploring value zones of $34,745 at this publication. The crypto seems weak, and analysts predict further drops below $30,000. It may be interesting to witness the markets’ upcoming reactions. Stay tuned.