Why is Shiba Inu down by 6% in the last 24 hours?
The crypto market has been experiencing a mixed performance over the past few hours.
The crypto market continues to be in a bearish trend, with some of the leading cryptocurrencies currently underperforming. Bitcoin is trading above the $38k level.
However, SHIB, the native token of the Shiba Inu ecosystem, has lost more than 6% of its value in the last 24 hours. At press time, SHIB is trading at $0.00002392, having lost more than 6% of its value.
There is no major catalyst behind SHIB’s latest poor performance. The broader cryptocurrency market has been underperforming in recent weeks, and Shiba Inu is one of the hardest-hit cryptocurrencies.
SHIB was previously one of the top 10 cryptocurrencies by market cap but has lost its place to the likes of LUNA, AVAX and more. At the moment, SHIB occupies 14th place in the cryptocurrency market ranking.
If the bearish trend continues, SHIB could drop below the $0.000020 critical level over the next few days or weeks.
Key levels to watch
The SHIB/USD 4-hour chart is one of the most bearish amongst the top 20 cryptocurrencies by market cap. The technical indicators show that SHIB is currently underperforming and could face further downward movement soon.
The MACD line is deep within the negative territory, indicating that Shiba Inu is currently facing selling pressure. The 14-day relative strength index of 55 means that SHIB could enter the oversold region if the bearish remain in control.
If the market conditions persist, SHIB could drop below the first major resistance level at $0.00002257 over the coming hours. In the event of an extended bearish performance, SHIB could struggle to stay above the $0.0000208 psychological level over the next few hours and days.
