Shiba Inu Price falls another 6% today
Disclaimer: The Industry Talk section contains insights from crypto industry players and is not part of the editorial content of Cryptonews.com.
Shiba Inu has fallen by 6.4% in the last 24 hours. SHIB’s 24-hour drop adds to the intense bearish pressure that has seen it lose 19% of its value over the past month. At the time of writing, SHIB was trading at $0.00001124.
SHIB is down 6% today
The Shiba Inu seems to be affected by the bearish sentiment pushing the price to lower lows. Over the past 24 hours, SHIB has recorded $433 million in trading volume, with its market cap falling slightly to $6.63 billion.
SHIB fell out of the top ten ranking of the largest cryptocurrency by market capitalization a few months back, and it now ranks 12th.th largest cryptocurrency by this calculation. SHIB recorded a massive bull run towards the end of last year and reached a new all-time high. However, it has since fallen 86% from those levels.
Over the past few weeks, SHIB has struggled to find a stable footing as it suffers from the same volatility that has affected the broader crypto market. However, things seemed to be looking up for the meme coin after it managed to stay above the $0.00001 level for two months.
SHIB’s price has been hovering above the $0.00001 support level for some time now. It passed this level towards the end of July, and the action made it rise more than 50%. It maintained the uptrend for a while before sellers entered the market.
SHIB’s downward trend was confirmed in mid-September. If the current bearish trend continues, SHIB’s price will fall below the $0.00001 levels and test support at $0.0000093 and $0.0000083.
While such a decline may seem bearish in the short term, it could create a long-term bull trend as traders jump in to buy the meme coin at low prices.
The Moving Average Convergence Divergence (MACD) line sits at the signal line, showing that bulls and bears are fighting for control. The Relative Strength Index of 46 shows that bullish sentiment is dying as selling pressure continues. Therefore, SHIB may continue to trade in the red zone in the short term.
However, the RSI can also show that a trend reversal is on the way. In this case, SHIB may jump to test the next resistance at $0.000012 and $0.000015. However, this jump can also rely on broader market support and positive developments in the ecosystem.
Tamadoge is set to explode
While SHIB appears bearish in the short term, Tamadoge, the newest meme coin on the market, could make notable gains following its upcoming listing on the OKX exchange. TAMA goes live on OKX on Tuesday 27 September.
Tamadoge gained popularity after completing one of the most successful pre-sales in crypto history. The pre-sale raised $19 million, and ended well ahead of schedule. Tamadoge’s presale was more successful than the Ethereum 2014 Initial Coin Offering.
Tamadoge is a meme coin that has also adopted buzz from the play-to-earn sector. Tamaverse is a virtual world where players can use their Tamadoge pets to battle with other players and receive rewards in TAMA. Unlike other meme coins, TAMA has robust tokenomics with a fixed supply of 2 billion coins. Half of the total offer was sold during the advance sale.
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