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Shiba Inu Price Analysis: SHIB/USD is bearish for the next 24 hours

Shiba Inu price analysis

TL;DR Breakdown

  • Today’s Shiba Inu price analysis is bullish,
  • SHIB/USD retraced back to $0.000025 previous support.
  • We anticipate SHIB/USD to regain momentum and rise further.

Today’s Shiba Inu price analysis is bullish, as support has been found around the $0.000025 previous support, resulting in a sideways consolidation over the past 24 hours. As a result, we anticipate SHIB/USD to regain momentum and rise further.

SHIB/USD daily chart also shows that resistance is once again becoming strong, with a possible bearish outlook if resistance breaks at the top of the channel. However, as long as support holds firm around $0.000025, we should see a pick up in bullish momentum next week.

Shiba Inu price movement in the last 24 hours: Trend analysis

Today, Shiba Inu’s price analysis shows that SHIB/USD has managed to regain a foothold above its previously strong support at $0.000025 this morning. This is a significant move from yesterday’s low at $0.000008, attributed to trading volume returning after three days of downwards trending volumes on the daily chart. We expect to see SHIB retest previous resistance at $0.000110 over the next 24 hours, with continued upwards momentum being anticipated due to yesterday’s momentum, which was most likely driven by a CoinmarketCap Top 100 rank impulse.

We will continue to monitor SHIB closely over the next few days, as further consolidation around $0.000025 or even breakout above resistance at $0.000110 could result in significant movement next week.

SHIB/USD 4-hour chart: SHIB to reverse higher?

On the 4-hour chart, we can see that the Shiba Inu price is consolidating after a brief consolidation, which will most likely lead to another push to rise throughout the weekend.

Shiba Inu Price Analysis: SHIB/USD is bearish for the next 24 hours 1
SHIB/USD 4-hour chart. Source: TradingView

The Shiba Inu has had a fantastic start to the month. The price of the Shiba Inu rose on October 4th, after several days of consolidation around $0.000007 after September.

On October 7th, SHIB/USD reached a high of $0.000035 after many days of good momentum. SHIB fell nearly 40% in an hour or two the day after as it dropped back below previous local resistance by around 40%.

After a short break, momentum resumed, and SHIB/USD rose to $0.000032 on two additional thrusts higher before retreating over many days to $0.000025. The bulls of Shiba Inu, on the other hand, were soon spent this week, necessitating a lengthy retracement over several days from $0.000025 to the previous resistance zone of $0.000007-00 before it was possible to register a momentum move upwards once more.

Shiba Inu Price Analysis: Conclusion 

The Shiba Inu price is climbing today, as support for the pair has been identified at $0.000025 after several days of decline. As a result, SHIB/USD will most likely rise later this weekend as bearish momentum declines.

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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