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The second largest meme token by market cap, Shiba Inu (SHIB), experienced a 24-hour price drop according to CoinMarketCap. At press time, the price of SHIB is down 3.45% over the last 24 hours. As a result, SHIB’s price currently stands at $0.00001167.
SHIB’s negative 24-hour performance has added to its negative weekly performance, taking the meme coin’s price down 3.80% over the last 7 days.
Despite the 24-hour price drop, SHIB has strengthened against the two crypto market leaders, Bitcoin (BTC) and Ethereum (ETH), by 0.50% and 0.95% respectively.
SHIB’s price is trading in a consolidation channel between $0.00001113 and $0.00001212. It attempted to break out of the channel 2 days ago, but the attempt failed and a selloff followed shortly thereafter.
As a result, the price of SHIB has lost the 9-day EMA support level as sell pressure for SHIB continues. Given that the 9-day EMA line has been breached, SHIB will drop to the lower bound of the current consolidation channel, which is also the 20-day EMA level.
The daily RSI has flagged bearish, with the daily RSI line positioned below the daily RSI SMA line. However, the slope of the daily RSI line has turned positive over the last 48 hours. This may be an early sign of a bullish reversal after yesterday’s selloff.
A confirmation of the bullish thesis will be if SHIB’s price is able to close today’s trading session above the 9-day EMA line. The lackluster trading volume for SHIB, however, suggests that this will not happen.
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