SHIB dips by 2% today despite recent gains

The cryptocurrency market continues its poor performance this week, with the major coins recording huge losses.

The cryptocurrency market has lost more than $50 billion over the past 24 hours. The total crypto market cap stood above $900 billion yesterday, but it has now dropped towards the $850 billion mark.

Bitcoin, the world’s leading coin, has lost more than 5% of its value in the last 24 hours and now trades below $19k per coin. BTC could drop towards $17k in the near term if the current market momentum persists.

Ether looks set to drop below $1,000 as it has lost roughly 10% of its value so far today. 

SHIB, the native token of the Shiba Inu ecosystem, is also underperforming at the moment. SHIB is down by more than 2% in the last 24 hours, which is lower than what the other major currencies recorded.

The poor performance comes after Shiba Inu performed positively earlier this week. Earlier this week, the Shiba Inu community voted on a proposal that seeks to reward network validators in BONE for their work. BONE is one of the tokens used within the Shiba Inu ecosystem. 

The proposal received 97% support from the community, leading SHIB to perform well. However, SHIB has shed these gains and is now underperforming.

Key levels to watch

The SHIB/USD 4-hour chart has turned bearish as Shiba Inu has erased its earlier gains. 

The MACD line dropped into the negative zone a few hours ago, indicating bearish momentum. The 14-day relative strength index of 38 shows that SHIB could soon enter the oversold region.

At press time, SHIB is trading at $0.00000982. If the bearish trend continues, SHIB could drop below the $0.00000886 support level. In the event of extended bearish performance, Shiba Inu would be forced to defend the support level around $0.00000778.