The Shiba Inu price dropped over 3% in the last 24 hours to trade at $0.00001665 at press time.

With this recent correction, the SHIB price is down more than 4% on the weekly timeframe. Its monthly performance is also in the red by over 33%.

Shiba Inu Price Technical Overview

4-hour chart for SHIB/USDT (Source: TradingView)

The Shiba Inu price has been in a consolidation phase between $0.00001631 and $0.00001769 throughout the past couple of days. Now, traders are attempting to pull the meme coin’s price below the lower boundary of this range. Should bears succeed, SHIB could be at risk of plunging all the way down to $0.00001382 in the following 48 hours.

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On the other hand, the Shiba Inu price managing to remain above $0.00001631 for the next 12 hours could invalidate the bearish thesis. In this alternative scenario, the meme coin’s price might attempt a challenge at the $0.00001769 barrier. 

Overcoming this threshold could then clear a path for the crypto to keep climbing in the following few hours. Traders might subsequently enter into a long position for SHIB, which could lead to its price rising to $0.00001964 in the short term.

SHIB Under Immense Bearish Pressure

Technical indicators on SHIB’s 4-hour chart suggest bears are in full control of the Shiba Inu price. Both the Moving Average Convergence Divergence (MACD) and the Relative Strength Index (RSI) are showing negative signs. This is after both technical indicators triggered major bearish flags during the last 24 hours. 

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Throughout the past day of trading, the MACD line crossed below the MACD Signal line. Traders usually see this as a sign that a crypto has entered into a bearish cycle. What’s more, the MACD line is breaking away below the MACD Signal line. This suggests SHIB’s bearish momentum is intensifying as well.

Meanwhile, the RSI line also crossed below its Simple Moving Average (SMA) line, which might indicate that bears have gained the upper hand against bulls on SHIB’s 4-hour chart. Should sellers choose to capitalize on the new advantage, it will be easier for them to pull the Shiba Inu price down in the coming 24 hours than it will be for buyers to boost it during the same period.

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