Shiba Inu price started the new trading week on a lower note. Global cryptomarket is under selling pressure, BTC fell 0.65%, and ETH lost 0.85%.
Shiba Inu (SHIB) extended the losses incurred in the previous week on Monday as bulls came under pressure. The price hovers near the short-term horizontal support zone around $0.00001243. A risk aversion in the market diminished investors’ interest in the riskier assets.
As of writing, SHIB/USD is exchanging hands at $0.00001241, down 3.35% for the day. The 24-hour trading volume rose by 47.24% to $416,452,797. A rise in volume with a fall in price is a bearish sign.
In the recent development, Shiba Inu lead developers poured cold water on the rumored release of Shibarium, the long-awaited ecosystem-based Layer-2 solution based on Ethereum Virtual Machine (EVM) on Valentine’s day. This fuels the fall of the already struggling meme coin.
The daily chart shows signs of weakness
The Shiba Inu price exhibits signs of weakness on the daily time frame. The price formed a big red candlestick and breached the 21-day Exponential Moving Average (EMA). This paints a bearish picture of the meme coin
A daily close below the session’s low indicates sustained selling pressure. On moving lower, the price could test the lower trend line of the “Rising Wedge” formation, at $0.00001200. If the buyers failed to accumulate near the mentioned level, then the next probability is near the low of February 1 at $0.00001130.
On the other hand, if the price respects the horizontal support where it currently hovers, a bounce could be expected. If that happens, the first upside target would be the previous day’s high of $0.00001354.
The daily RSI (14) reads above 50.
