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Shiba Inu price analysis: SHIBA prepares to break $0.00000950 next?

Shiba Inu Price analysis

TL;DR Breakdown

  • SHIBA moved higher yesterday.
  • A higher low established yesterday.
  • Next target above $0.00000950.

Shiba Inu price analysis is bullish for the next 24 hours as the market has established a higher low yesterday and continued moving along the several-week ascending trendline of support. Therefore, we can expect another test of the $0.0000095 mark early next week, which could determine where SHIBA/USD moves next.

Shiba Inu price analysis: SHIBA prepares to break $0.00000950 next? 1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green over the last 24 hours. Bitcoin has increased by 2 percent, while Ethereum is among the best performers with a gain of 6 percent. The rest of the market trades with similar slightly bullish results.

Shiba Inu price movement in the last 24 hours

SHIBA/USD traded in a range of $0.00000846 – $0.00000894, indicating a low amount of volatility. Trading volume has slightly increased to $381.6 billion over the last 24 hours. Meanwhile, the total market cap stands around $3.43 billion, ranking cryptocurrency in 29th place overall.

SHIBA/USD 4-hour chart – SHIBA in a tough decision?

On the 4-hour chart, we can see the Shiba Inu price moving higher over the last 24 hours as the market approaches the $0.000095 mark again.

Shiba Inu price analysis: SHIBA prepares to break $0.00000950 next?
SHIBA/USD 4-hour chart. Source: TradingView

The overall Shiba Inu price structure is neutral over the past weeks as the market continues to trade in a range of approximately $0.00000055-$0.0000095. After retesting the lower boundary on the $22nd of June, SHIBA/USD started rallying higher last week and reached the $0.0000095 resistance early this week.

From the lows set along with the rally, a clear support trendline can be drawn, indicating that the market should break in either direction in the upcoming days. If SHIBA breaks the ascending trendline, we can expect another major downswing next week, with the $0.0000075-$0.000008 area likely offering some support.

Alternatively, if the SHIBA price breaks higher, we should see a further rally next week to the $0.00001250 mark. From there, the overall SHIBA/USD price structure will turn extremely bullish again and we could see a lot more upside later this month.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish for today as the market continues moving higher to test the $0.0000095 mark. Once the resistance is reached, SHIBA/USD will be in a tough spot where to move next, however, considering the price action over the past weeks, we can expect another push lower next week.

While waiting for SHIBA to move higher, read our guides on Chinese miners, Bitcoin fees, as well as DeFi advantages.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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