Shiba Inu price analysis — Analyzing if SHIB buyers can defend $0.00000426

Like much of the cryptocurrency market, Shiba Inu, SHIB, has been facing selling pressure lately, with the token down 1.76% to $0.00000439 over the past 24 hours. The same was the case with Bitcoin, with the total crypto market capitalization down by 1.98%. The wider market’s sell-off is a cumulative reaction to a multitude of factors that have unfolded worldwide over the past week, primarily caused by political uncertainty post-U.S. midterms, Fed rate hike fears, and geopolitical tensions. Additionally, as SHIB is a high-beta memecoin, it has followed in the footsteps of Bitcoin's decline. Subdued ecosystem activity has offered little support so far. Nevertheless, buyers could be attempting to defend the $0.00000426-support level. SHIB's daily structure remains bearish SHIB's daily chart showcased its bearish trend.

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