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Will Shiba Inu drop below $ 0.000030 after poor performance?


 

The cryptocurrency market started in 2022 where it left off in 2021, with the prices of most coins falling more than 1% in the past 24 hours.

The cryptocurrency market has underperformed in the past few hours, with the prices of most coins falling more than 2% in the past 24 hours. Bitcoin's price has fallen below the $ 47,000 mark as the leading cryptocurrency continues to struggle below the $ 50,000 mark.

Ether is also down about 1% and is currently trading above $ 3,700 per coin. SHIB, the native token of the Shiba Inu ecosystem, has fallen more than 1% in the past 24 hours and could fall below the $ 0.000030 mark in the coming hours.

The poor performance comes despite the fact that Shiba Inu developers have burned more than 125 million SHIB tokens in the past few days. The token burn process is intended to reduce the total number of tokens in circulation, create scarcity and increase the price of a cryptocurrency.

Over the past week, SHIB has fallen more than 14% in value and the meme coin could continue to decline if current market conditions persist.

An overview of important levels

The SHIB / USD 4-hour chart is one of the most bearish of the top 20 cryptocurrencies by market capitalization. At the time of writing, SHIB is trading below its 50 day moving average while the MACD line is below the neutral zone. The RSI of 29 shows that SHIB is facing tremendous selling pressure and could underperform in the coming hours.

If the bearish momentum continues, the price of SHIB could fall below the first major support level at $ 0.00003036. In the event of a prolonged bearish performance, SHIB could break below the USD 0.000030 mark for the first time since October.

However, the bulls could regain control of the market and propel SHIB towards the first major resistance level at $ 0.00004915 in the coming hours.

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