Shiba Inu price analysis: SHIB down 5 percent to continue decline

Shiba Inu price analysis has remained bearish over the past 24 hours after the price fell more than 5 percent to settle at $0.00001150. The $0.00001291 price level remains important for SHIB ahead of yesterday’s decline that occurred after November 4’s rally to $0.00001364. The Shiba Inu seems to be trading in a symmetrical triangle pattern, which can be considered a sign of market indecision.

To reinforce the narrative, the decline in prices over the last 24 hours was accompanied by a 12 percent drop in market volume. The Shiba Inu surged to an October high of $0.00001519 at the end of the month. Currently, the price has been in a consolidation phase between $0.00001150 and $0.0000139 since then.

The larger cryptocurrency market is down 3% over the past 24 hours, led by bitcoin’s drop below $21,000 to $20,500. Ethereum also saw a slight drop of 1% to $1,500, while the leading altcoins were also facing a similar downtrend. Ripple fell 2 percent to $0.46, with Dogecoin posting a 6 percent drop to $0.109. Meanwhile, Cardano fell to $0.403 while Solana fell sharply 10 percent to settle at $29.37.

Shiba Inu price analysis: Descending triangle appears on daily chart

Shiba Inu price analysis

The 24-hour candlestick chart for Shiba Inu price analysis shows that the price has been on a downward trend in consecutive trading sessions since November 5th and has hit a low of $0.00001150. Since then, the price has formed a descending triangle, which can usually be considered a sign of an impending breakout. The SHIB price has slipped below the main 9 and 21 day moving averages over the last 24 hours, along with the important 50-day exponential moving average (EMA) at $0.00001198.

The 24-hour Relative Strength Index (RSI) also seems to be moving sideways, along with the price being slightly overbought at 53.43. Meanwhile, the moving average convergence curve (MACD) also depicts an imminent bearish divergence at a point which also represents a bear market. In the next 24 hours, the SHIB price is expected to range between $0.00001130 and $0.00001160 and consolidate market interest.

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