The cryptocurrency market started in 2022, where it stopped in 2021, with the prices of most currencies falling by more than 1% in the last 24 hours.
The cryptocurrency market has been underperforming in the last few hours, with the prices of most currencies falling by more than 2% in the last 24 hours. Bitcoin's price has dropped below the $47,000 mark as the leading cryptocurrency continues to struggle below the $50,000 mark.
Ether also fell by less than 1% and is currently trading above $3,700 per currency. SHIB, the native token of the Shiba Inu ecosystem, has dropped more than 1% in the past 24 hours and is in danger of dropping below the $0.000030 level in the next few hours.
The poor performance comes despite Shiba Inu developers burning over 125 million SHIB tokens in recent days. The token burning process is designed to reduce the total number of tokens in circulation, creating scarcity and increasing the price of a cryptocurrency.
Last week, the value of the SHIB dropped more than 14%, and the meme currency could decline further if the current market condition persists.
Top Levels to Watch
The 4-hour SHIB/USD chart is one of the lowest among the top 20 cryptocurrencies by market capitalization. So far, the SHIB is trading below its 50-day moving average, while the MACD line is below its neutral zone. The RSI of 29 shows that the SHIB is facing enormous selling pressure and may underperform in the coming hours.
If the bearish momentum continues, the price of SHIB could drop below the first major support level at $0.00003036. In the event of an extended bearish performance, the SHIB could fall below the $0.000030 level for the first time since October.
However, bulls may regain control of the market and push the SHIB up towards the first major resistance level at $0.00004915 in the next few hours.
The post Will the Shiba Inu drop below the $0.000030 level after a poor performance? appeared first on Bitcoin Guide .