SHIB’s Price Echoes Trend Seen in the Rest of the Crypto Market

Time Stamp: May 6, 2022 3:00 AM
Source Node: 1294605

SHIB

    • Shiba Inu’s (SHIB) price has fallen a bit in the last 24 hours to $0.00002022.
    • The price of SHIB is more towards its low set in the last 24 hours.
    • The price may consolidate between $0.00002 and $0.00002242 as we enter a period of flat trading and decreased price volatility.

Shiba Inu’s (SHIB) price has fallen a bit in the last 24 hours to $0.00002022 – which is around a 6.41% drop, according to CoinMarketCap.

Shiba Inu’s price has also fallen in the last 7 days by double digits, dropping by around 11.99%. The 24-hour chart is a continuation of the weekly trend for the coin’s price as the price of SHIB continues to fall in the last 24 hours.

The price of SHIB is more towards its low set in the last day. Its 24-hour high is $0.00002161 and its 24-hour low is $0.0000198.

SHIB’s price has, however, strengthened against Bitcoin (BTC) and Ethereum (ETH) by around 1.99% and 0.17% respectively at the time of writing. Currently, SHIB is worth approximately 0.000000000554 BTC and 0.000000007355 ETH.   

Ranked number 15 on CoinMarketCap’s list of the largest cryptocurrency projects by market cap, SHIB’s market cap currently stands at $11,099,236,151. The daily trading volume of SHIB is another double-digit statistic for the coin and has risen 15.21%, with the 24 hour trading volume totaling $677,477,785.

SHIB
SHIB simulates the current 24-hour price trend seen in the broader market (Source: TradingView)

The price movement for SHIB in the last 24 hours is an accurate representation of what has been going on in the broader crypto market. That is, the price spiked in the last 48-72 hours to recover from its latest daily low and then dropped back down to the level it found itself shortly before the spike.

The 20 EMA is also below the 50 EMA, and both EMA’s find themselves under the 100 EMA. The price may consolidate between $0.00002 and $0.00002242 as we enter a period of flat trading and decreased price volatility.

Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.

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