Shiba Inu (SHIB) had an impressive year in 2021, rising by over 1,000% to become one of the market's best performers. However, like many other coins, SHIB has been on a bear run this year.
What is the future of the crypto market's second-largest meme token?
Shiba Inu Price Action
Currently, SHIB trades at $0.00001132. The asset is amid a 3% uptrend in the past 24 hours, bringing its total gain to 4% on the weekly chart. As one of the market's leading coins, SHIB has benefited significantly from the 24-hour rally in broader coin prices. The crypto market has added 4% to its capitalization in the past 24 hours.
However, SHIB is still bearish technically. The digital asset only trades above its 10-day moving average; every other important MA indicator - from 20-day to 200-day - still trades above its price.
SHIB's negative moving average convergence divergence (MACD) demonstrates a sell signal, although day traders would appreciate the asset's relatively low relative strength index...
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