as cryptocurrency Keep whipping up, Shiba Inu (SHIB/USD) has been in the trenches. Having lost more than 6% in one week, the cryptocurrency is now trading at $0.0000092. A dip-buyer may be interested in the price level. This assumes that SHIB has been maintaining this since touching a weekly low of $0.000008.
The main concern for SHIB and other cryptocurrencies has been the crisis of confidence caused by the collapse of FTX. The sentiment is bearish so far as most of the coins are currently trading lower. Moreover, SHIB is building on the strength of meme token and it looks to overcome the resistance at $0.000012.
In addition to negative emotion, the Shiba Inu suffers from a lack of vital development. Notable among these is the SHIB Metaverse, which has been in a standstill for some time. However, on November 16 the Shiba Inu team released some positive updates. The team revealed the first concept art of what to expect once the Metaverse becomes a reality. While the update rekindles hopes of the flagship project, SHIB investors are yet to show optimism. The price of the MEME token remains muted.
SHIB price outlook amid a bear market
Technically, SHIB is under pressure despite buyers defending $0.000008. The level does not coincide with a support zone, and the cryptocurrency is likely to decline further.
RSI shows that SHIB is not oversold yet, although there are more sellers. The indicator shows a decline on SHIB. Meme token is also trading below the moving averages.
shiba inu price If the current weakness continues, it may decline to the yearly low around $0.000007. The level coincides with the support, which means we will see lower prices. The cryptocurrency doesn’t present an attractive buy.
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