Shiba Inu Price Extends Decline for the Third Consecutive Day, Reflecting the Broader Market Trajectory

Shiba Inu price extended its decline for the third successive day on Tuesday, reflecting the broader crypto market trajectory. The meme coin was down by 1.2% at the time of writing, trading at $0.0000156 and extending its decline from the 14-week highs tested on Monday. However, it still has an underlying bullishness, having gained 25% in the last week, and that will provide some support in the near-term.

Cryptocurrencies are currently fizzling renewed optimism on the back of trade tariff talk breakthrough between the United States and China. Meme coins were mostly in the red on Tuesday, following the tone set by crypto market bellwether, Bitcoin. BTC’s rejection at the $105K mark on Monday saw it register the second successive daily loss, slowing down its recent strong uptrend.

Shiba Inu price momentum is likely to extend to the downside, as selling pressure is mounting. The coin saw its trading volume rise by 0.13% in the last 24 hours, signaling that traders are offloading it amid price drop. In addition, according to Coinanalyze data, the value of its open interest contracts declined by 10.2% to $24.8 million in that time frame, adding credence to the bearish view.

The coin will need to hold up above the psychological support at $0.0000150 to increase the prospect of a reversal. Its daily RSI is at 62 as of this writing, raising the prospect of near-term bullish takeover.

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Shiba Inu Price Prediction

Shiba Inu price has its pivot at $0.0000157 and resistance at that level signals control by the sellers. The coin will likely find its support at $0.0000154. However, an extended downward momentum will break below that level and potentially test the second support at $0.0000151.

Conversely, going above $0.0000157 will invite the buyers to take control. That will likely see the next resistance established at $0.0000159. Clearing that barrier will invalidate the downside narrative. Furthermore, a stronger upward momentum could extend gains and test the next hurdle at $0.0000163.