- Shiba Inu price analysis is bearish today.
- SHIB/USD saw a reaction higher to $0.00003.
- Bearish momentum is picking up again.
Shiba Inu price analysis is bearish today as resistance was met at the $0.00003 mark earlier today, with selling pressure seen over the past hours. Therefore, we expect SHIB/USD to retrace again over the next 24 hours.
The overall market traded mostly in the red over the last 24 hours. The market leader, Bitcoin, lost 0.62 percent, while Ethereum 0.62 percent. Meanwhile, Shiba Inu (SHIB) is the best performer, with a gain of almost 24 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu moves to $0.00003 after reversal at $0.00002
SHIB/USD traded in a range of $0.00002196 – $0.00003009, indicating strong volatility over the last 24 hours. Trading volume has declined by 16.5 percent and totals $11.9 billion, while the total market cap trades around $10.9 billion, ranking the coin in 20th place overall.
SHIB/USD 4-hour chart: SHIB to retrace from $0.00003?
On the 4-hour chart, we can see bearish momentum picking up over the past hours, indicating that Shiba Inu price will decline again.
Shiba Inu has seen a strong performance so far this month. Starting the month around $0.000007, SHIB/USD has seen a gain of 400 percent to the current high of $0.000035.
However, a sharp reversal followed on the 7th of October, leading to a drop of around 40 percent, with support found above $0.00002. From there, a slight consolidation followed Yesterday, with bullish momentum returning by the end of the day.
Overnight, Shiba Inu approached and tested the $0.00003 mark, with bullish momentum slowing down. Overall, this price action development could lead SHIB/USD to another retracement over the next 24 hours. Alternatively, if the $0.00003 mark gets broken, we could see another spike higher.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bearish today as bullish momentum has become exhausted again at the $0.00003 mark. Therefore, we expect SHIB/USD to retrace again over the next 24 hours.
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