Shiba Inu (SHIB) Retreated to $0.000022, Down by 33% From Its Highest Level This Month

Shiba Inu (SHIB) retreated to $0.000022, down by 33% from its highest level this month. At last check Saturday, the Ethereum meme coin was up at least 3.5%.

Shiba Inu (SHIB) price showed signs of weakness on Saturday as its burn rate and Shibarium transaction fees continued to fall. The meme coin, however, traded in the green.

Shiba Inu price today

Shiba Inu (SHIB) price opened the day at $0.000022, down by 33% from its highest level this month. At last check Saturday, the meme coin was up at least 3.5%.

SHIB price chart | Source: crypto.news

The world’s second largest meme coin has fallen sharply in the past few days as the cryptocurrency market continues to show signs of weakness. SHIB price is now trading at a crucial support level, and a drop below it could lead to more downside.

On the upside, SHIB price faces resistance at the 50-day moving average, currently at $0.000024. A move above this level could lead to more gains, potentially to the December high of $0.000033.

Shiba Inu technical analysis

The daily chart shows that the SHIB price has dropped sharply after peaking at $0.000033 in December. It has fallen and moved slightly below the 50-day moving average.

There are signs that the coin is forming a bearish pennant chart pattern, which is made up of a vertical line and a triangle. This pattern often leads to more downside.

On the positive side, Shiba Inu remains above the ascending trendline that connects the lowest swings since August. It has failed to move below that level at least six times since then, offering hopes of a rebound.

A drop below that support will be a sign that bears have prevailed, which will lead to more downside, potentially to $0.00001590, its lowest level on Oct. 25.