Despite confidence returning to the cryptocurrency market, the Shiba Inu price is going nowhere. And until volume increases, SHIB could stay stuck in a rut.
Shiba Inu (SHIB) is trading at $0.00000612 (-0.81%).
One striking statistic does not bode well for the Shiba Inu price. Over the last seven days, SHIB has declined by around 6%.
Ok, that’s by no means a disaster. However, apart from stablecoins, SHIB is the only crypto in the top 50 to post a negative return over the last week. In fact, not until the 190th-ranked Smooth Love Potion token can you find a worst-performing digital asset over the same period.
Furthermore, following Bitcoin’s impressive recovery, many cryptos have enjoyed considerable rallies. And In my opinion, SHIB’s failure to post a positive return paints a worrying picture for the long-suffering bulls.
SHIB Technical Outlook
Unfortunately, the daily chart offers little in the way of positive developments.
The Shiba Inu price remains trapped in a descending triangle pattern.
Furthermore, SHIB is below the 50,100 and 200-day moving averages at $0.00000638, $0.00000659 and $0.00000740, respectively.
But the biggest obstacle for the price is the lack of trading volume. This indicates the positive momentum from April and May may not return for some time, if at all.
An obvious downside target is the lower-end of the descending triangle at $0.00000570. And considering the poor price performance, a test of this support looks likely.
Only clearance of the descending trend line at $0.00000654 invalidates this bearish view.