Over the past few days the price of Shiba-inu is constantly declining with no signs of recovery. The crypto market on the other hand is currently bearish which means that the coin will see further declines in the coming days.

The community has helped the coin reach new highs, right now the meme-coin is in the need of a major catalyst. Amid the ongoing crypto crash, the meme-coins are hard hit.

Shiba-Inu Price Action

Shiba-inu price followed the prevailing market sentiment and is currently trading in red. In the last 24 hours the coin has traded within the range of $0.00002887 and $0.00003000.

At the time of writing the coin is trading at $0.00002878 and is down by 1.8 percent. As for the meme-coin the resistance  level on the top exists at $0.00003970 and the important support level is at $0.00002814.

The coin’s trading volume has increased by 60.0 percent in the last week, moving in the opposite direction of the coin’s overall circulating supply, which has fallen by 0.26 percent. 

The Relative Strength Index (RSI) for the Shiba Inu price analysis is 40, indicating that the cryptocurrency is neither undervalued nor overbought. The bulls have taken control of the market, but it will be difficult for them to maintain this trend. 

Over the last 24 hours, 19,337,093 tokens have been delivered to a dead wallet in 11 transactions, according to Twitter user @shibburn. Later, they reported that another 8,612,311 people had been cremated in three transfers in the previous day.

These Factors Can Take SHIB Price to New Highs

The popular meme coin has been added to Koinbazar, an Indian trade platform. The company’s official Twitter account announced the latest development on Thursday. 

Another Shiba Inu supporter, AMC Entertainment, announced plans to begin taking SHIB in the first quarter of 2022, most likely in March.

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