Over the last 24 hours, Shiba Inu’s price has nosedived by 8.95, reaching a trading value of $0.000030. Following this event, the crypto project’s market capitalization dropped by 9.16% to $16.370 billion. According to CoinMarketCap’s data, the improved activity in the asset’s price correction is even more prominent by the growing daily trading volume, which has skyrocketed by 118% in the past 24 hours to $1,411,986,223.
If this price correction remains, there’s a big chance that Shiba Inu will drop even further if bulls can’t bring back the $0.00003026 support level.
SHIB Might Go as Far as $0.00002813
It appears that Shiba Inu’s price action created a descending parallel channel on the 12*hour chart. It’s worth noting that this pattern is incredibly bearish, and it was created when the crypto asset recorded a series of highs and lows.
It’s clear that SHIB has attempted to break through the upper boundary of the descending channel but to no avail. The SHIB Army made its first attempt to reverse the lousy performance last month on December 28, 2021. The other attempts were made during the 12-hour trading sessions from January 2, 2022, through today.
However, the pressure to sell continues to increase as SHIB kept sliding down the middle boundary of the chart pattern mentioned before. If the crypto asset fails to reclaim its previous support level of $0.00003026, it could slide back down to tap the low from December 20 at $0.00002893.
If SHIB drops any further, it could reach $0.00002813, which is the channel’s lower boundary. If such a drop does occur, this means SHIB would be seeing a 6.15% drop from its price now.
To make matters worse, the Moving Average Convergence Divergence (MACD) is on a downtrend, which reinforces the pessimistic outlook on Shiba Inu’s current situation. The fact that MACD is declining could mean that Shiba Inu’s current market momentum is bearish. This bearish narrative is further validated by MACD’s current position below the zero line.
On the Bright Side
However, if the SHIBA Army can reverse the correction, there’s still a chance that the dog-themed meme token can rise to tag the December 21 low at $0.00003108. If it increases even further, it could see a $0.00003262 resistance level.