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Shiba Inu price analysis: SHIB/USD is bullish for the next 24 hours

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD is currently trading at $0.00003135.
  • SHIB/USD is now bullish.

The Shiba Inu price is rising today as a higher low was set above $0.000025 yesterday. As a result, we expect SHIB/USD to continue rising and possibly break past the $0.00003 support level.

Over the past 7 days, we can see that SHIB/USD had experienced a bullish run starting from a low of $0.0000222 and rising to a high of $0.00004775 before falling to its current price in range-bound for the past few days after reaching this high point.

The technical indicators,  on the other hand, are favoring a bullish run soon. The RSI indicator for SHIB/USD is currently reading 48.8, which means that it is neither oversold nor overbought and that the market conditions may favor a bullish trend forming soon.

The 7-day EMA (blue line) has crossed above the 21-day EMA (purple line), suggesting that the market is in the process of reversing its bearish trend. Suppose this bullish momentum continues to push price action forward. In that case, we expect it to break past resistance at $0.00003 and continue increasing until the $0.0000732 resistance level, where a minor resistance would be expected to emerge.

SHIB/USD 4-hour chart: SHIB looks to break $0.00003 local resistance? 

On the 4-hour chart, Shiba Inu price action is exhibiting solid bullish momentum, implying that we may see a higher high set later today.

Shiba Inu price analysis: SHIB/USD is bullish for the next 24 hours 1SHIB/USD 4-hour chart. Source: TradingView

The Shiba Inu price is currently trading at $0.000033 and has seen a 4.91% increase over the past 24 hours of the trading volume. The RSI indicator is currently reading 48.8 which means the market is still bearish.

SHIB/USD is now trading within the range of the $0.00003 resistance level where another bullish obstacle would be expected to emerge. A breakout above this level could see SHIB/USD reach its next resistance at $0.0000732, around 2x today’s price. The market will need some time before it is able to break out above this level, though, so we can expect a more meaningful push upwards in the next few days.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bullish today. SHIB/USD saw a higher low set at $0.000025. Bullish momentum returns today. The Shiba Inu price is rising today as a higher low was set above $0.000025 yesterday, implying another increase in the near future. As a result, we expect SHIB/USD to continue rising and possibly break past the $0.00003 support level. Over the past 7 days, we can see that SHIB/USD had experienced a bullish run starting from a low of $0.0000222 and rising to a high of $0.00004775 before falling to its current price being in range-bound for the past few days after reaching this high point.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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