Shiba Inu Price Prediction – SHIB Down 4.5% How Low Can It Go?
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Shiba Inu has been on a downtrend in the last 24 hours. With the crypto market set for what could be another correction, there are concerns that SHIB could still go lower.
Currently, Shiba Inu trades at $0.0000109, indicating a 3.26% downtrend in the past 24 hours.
The asset’s price drop has brought it below its major moving average (MA) indicators; the 10-day MA stands at $0.000011. Just as well, SHIB’s moving average convergence divergence (MACD) remains negative, meaning that the asset is giving off a sell signal.
The substantial decline the crypto market is currently experiencing seems to be the largest source of concern at the moment.
On Tuesday, the market saw some relief after the U.S. Dollar Index (DXY), which tracks the U.S. dollar’s performance against a basket of other major currencies, lagged. The index dropped below $114 at the market’s open on Tuesday, causing some relief as stocks and indices increased.
S&P 500 and Nasdaq Composite Index were up 0.4% and 0.65%, respectively, after two hours of trading. And in the crypto market, Bitcoin had gotten as high as $20,334. However, all of these gains eventually reversed.
Now, the Dollar index has crossed $114 once more, and analysts believe it could be primed for even higher jumps.
With the dollar gaining strength, the crypto market has resumed a bearish streak. Bitcoin is now trading at $18,700, and major altcoins have seen sharp declines in their value. SHIB has been no different.
However, not everything is gloomy with Shiba inu. The asset still has several impressive developments, starting with the growing number of
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