Shiba Inu Price drops another 6% today - But Here’s a New Meme Coin Set to Explode

cryptonews.com:

Shiba Inu has dropped by 6.4% in the past 24 hours. SHIB’s 24-hour dip adds to the intense bearish pressure that has seen it lose 19% of its value over the past month. At the time of writing, SHIB was trading at $0.00001124.

Shiba Inu seems to be affected by the bearish sentiment pushing its price to lower lows. During the past 24 hours, SHIB has recorded $433 million in trading volumes, with its market cap dropping slightly to $6.63 billion.

SHIB fell off the top-ten ranking of the largest cryptocurrency by market cap a few months back, and it now ranks as the 12th largest cryptocurrency by this metric. SHIB recorded a massive bull run towards the end of last year and reached a new all-time high. However, it has since dropped by 86% from these levels.

Over the past few weeks, SHIB has struggled to find a stable foothold as it suffers from the same volatility that has affected the broader crypto market. However, things seemed to be looking up for the meme coin after it managed to stay above the $0.00001 level for two months.

SHIB’s price has been hovering above the $0.00001 support level for a while now. It went past this level towards the end of July, and the action saw it make an over 50% upswing. It sustained the uptrend for a while before sellers entered the market.

SHIB’s downtrend was confirmed in mid-September. If the current bearish trend continues, SHIB’s price will drop below the $0.00001 levels and test support at $0.0000093 and $0.0000083.

While such a decline could appear bearish in the short-term, it could create a long-term bull trend as traders jump in to buy the meme coin at low prices.

The Moving Average Convergence Divergence (MACD) line is sitting at the signal line, showing that bulls and bears are fighting