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Shiba Inu price analysis: SHIB unable to break resistance at $0.00002601, what’s next?

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bearish for today, down by 2.7%.
  • The price of the coin found resistance at $0.00002601.
  • The nearest support on the 4-hour is present at $0.00002121.

While the Shiba Inu price analysis is bearish today, major investors predict that future prices will go higher. Yesterday, SHIB/USDT price was unable to break through the resistance at $0.00003455. As a result, we saw a price retracement towards the support at $0.00002121.

The bulls tried to take the prices higher but found another resistance at $0.00002601. As a result, the support is being tested again. The data by CoinmarketCap shows that the trading volume fell by 22.78%, at $14.2 billion. This makes SHIB/USDT pair one of the most actively traded tokens across various exchanges.

On the other hand, the market capitalization has witnessed a downfall of 32.81%, as the token took 21st place on the market ranking.

Shiba Inu price movement in recent days

Shiba Inu’s price movement in recent days has been extremely bullish. As Bitcoin is looking to conquer the $56K price level, we can see that the price of SHIB has also increased exponentially.

On 1st October, we saw a 6.94% rise, while on 3rd October, the coin’s price rose by another 8.65%. Whereas the SHIB token rose by 57.85% on 4th October, on 5th October, the pieces rose by 28.49%.

Furthermore, on 6th October, the coin rose by more than 60%, followed by a price drop of 17% the very next day. Overall, the monthly candle for the coin is up by more than 200%.

Shiba Inu price analysis: Technical indicators are still bullish

The technical indicators suggest a bullish Shiba Inu price analysis. The price action exploded through the upper end of the Bollinger Bands a few days ago, while the momentum in the Bands is still bullish.

The 100-day and 50-day Moving Averages are still positioned below the price actions. This shows that the price action is still bullish, and these key Moving Averages will act as important support levels.

Shiba Inu price analysis
Shiba Inu price analysis on the 4-hour chart by TradingView

According to our Shiba Inu price analysis on the 4-hour chart below, the RSI indicator is still above the 50-level. This means that the buying pressure is still in charge of the price movement. The price gradient seems to be neutral, i.e., the bulls and the bears are evenly matched.

Although the MACD indicator showed a bearish crossover in the 4-hour chart, i.e., the coin’s price movement might turn bearish in the short term. With this, the histogram has also turned red.

Shiba Inu price analysis: SHIB unable to break resistance at $0.00002601, what's next? 1
Shiba Inu price analysis on the 4-hour chart by TradingView

Shiba Inu price analysis: Conclusion

Our Shiba Inu price analysis can be concluded on a bearish note for today, but the coin has performed extraordinarily well in recent days. We can expect the price action to cool down for the time being, as altcoins are about to explode one by one.

This presents great buying opportunities and if you are looking for a more detailed price prediction, have a look here.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Parth Dubey

Parth Dubey

A writer, an author, a freelancer with writings in over 50+ niches, an editor, a proofreader, a music enthusiast, a YouTuber, a podcaster, and someone, who puts consistent efforts each day to make sure his creativity is noticed. What's more? I love cryptocurrencies.

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