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Why has Shiba Inu dropped 6% in the last 24 hours?



The crypto market has seen mixed development over the past few hours.


The crypto market remains in a bearish trend, with some of the top cryptocurrencies currently underperforming. Bitcoin is trading above the $38,000 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 the time of writing, SHIB is trading at $0.00002392 after losing more than 6% of its value.


There is no specific trigger behind SHIB's recent poor performance. The broader cryptocurrency market has underperformed over the past few 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 LUNA, AVAX and others. Currently, SHIB ranks 14th in the ranking of cryptocurrency markets.


If the bearish trend continues, SHIB might drop below the critical USD 0.000020 level in the next few days or weeks.


Important levels at a glance

The SHIB/USD 4 hour chart is one of the most bearish among the top 20 cryptocurrencies by market cap. Technical indicators are showing that SHIB is currently underperforming and could soon face further downside.




The MACD line is deep in negative territory, suggesting that Shiba Inu is currently under selling pressure. The 14-day relative strength index of 55 means that SHIB could enter oversold territory if the bear market remains in control.


If market conditions hold, SHIB could break below the first major resistance level at $0.00002257 in the coming hours. In case of a prolonged bearish performance, SHIB might struggle to stay above the psychological $0.0000208 level in the next few hours and days.

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