Why Did Shiba Inu Drop Below $0.000030?

 

Shiba Inu has underperformed over the past few hours and risks falling lower if the bearish trend continues.

Shiba Inu is one of the worst performers among the leading cryptocurrencies today. SHIB has lost more than 3% of its value in the last 24 hours and is trading around $0.00002921 at the time of writing.

There is no important catalyst behind SHIB's recent underperformance. The broader cryptocurrency market has underperformed over the past few days, with more than $300 billion seeping out of the market over the period.

The bearish trend caused bitcoin to lose its position around the $45,000 region and it is currently trading around $42,000 per coin. Ether, the second largest cryptocurrency by market cap, has also lost its position above $3,000 and is currently trading around $2,800 per coin.

Shiba Inu is currently the 14th largest cryptocurrency by market cap after falling behind Binance USD (BUSD) and Polkadot. If the current trend continues, SHIB's value could turn lower before the end of the week.

Important levels at a glance

The SHIB/USD 4 hour chart is one of the most bearish charts among the top 20 cryptocurrencies by market cap. The technical indicators show that SHIB is currently underperforming and its value could fall further soon.

The MACD line has fallen below the neutral zone after SHIB's recent poor performance. Shiba Inu has lost more than 12% of its value over the past seven days, more than most leading cryptocurrencies.

The 14-day Relative Strength Index of 44 shows that SHIB could enter oversold territory if the bearish trend continues.

SHIB could break below the first major support level at $0.00002677 if current market conditions hold. In case of a longer move down, SHIB could drop towards the second major support level at $0.00002153 in the coming hours or days.

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