- 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.
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.
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