- The nearest support for the meme token rests at $0.000037.
- The price resistance for SHIB is at $0.00004009 and another at $0.000047.
- The daily high reached was $0.00004297 as Shiba Inu price analysis turned bullish.
Shiba Inu broke into the top 10 cryptocurrency currency list for a brief while but was later overtaken by tokens like Avalanche and Crypto.com. While SHIB still has potential bull run sentiments as it reaches the 1 million holders mark, the meme coin is also known for its exchange ShibaSwap and Shiboshi NFTs.
Shiba Inu price analysis shows bullish sentiment for today, rising by more than 6% on today’s daily candle, reaching as high as $0.00004297. On the other hand, the lowest price for the day was $0.00004056.
Shiba Inu price analysis: What do the technical indicators say?
The technical indicators produce a bearish sentiment for the Shiba Inu price analysis. The 50-day Moving Average has failed to act as a support level, and it seems that lower prices are imminent. However, the bulls are trying to reclaim the 50-day Moving Average. On the other hand, the 100-day Moving Average is still successful in its role as a support level.
Prices broke out from the upper end of the Bollinger Bands but, this bullish outburst was followed by a bearish retracement towards the lower end of the Bands. The declining prices and volumes have put SHIB tokens in the bearish zone of the Bollinger Bands.
The Shiba Inu price analysis continues with a bearish stance in a longer time frame. The RSI levels have dropped below 50-level, which means that the sellers are still in charge of the prices. On the other hand, the gradient is positive, implying that the buyers are trying to take the prices higher to breach the resistance zones.
The MACD indicator shows that the blue line (the MACD Line) continues to progress below the signal (the orange line), which is a bearish scenario. However, the two lines are moving closer, and if the former breaks above, we will see a bullish divergence in the prices.
Shiba Inu price analysis: Conclusion
The conclusion for our Shiba Inu price analysis is bullish for today as bulls are trying to take the prices higher. However, it seems that the SHIB market lacks volumes to rally towards the existing all-time high. Therefore, we might see lower prices in the near future. But, this could be a good opportunity to buy the dips.