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

Filecoin Price Analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD has set a clear swing low at $0.000025.
  • Bullish momentum has returned overnight.

The Shiba Inu price analysis is presently bullish, as the $0.000025 barrier prevented further declines over the weekend, pushing SHIB/USD higher overnight. As a result, we anticipate that today’s momentum will continue, with the $0.00003 mark as the next target to break.

Shiba Inu price movement in the last 24 hours: Shiba Inu starts to push higher from the $0.000025 support

The price of SHIB/USD was in a range of $0.00002388 to $0.00002887 over the past 24 hours, indicating a moderate amount of volatility. The trading volume has increased by 114.43 percent, with activity reaching $3.18 billion and putting the market cap at around $10.74 billion.

A push and close above the $0.000025 level has been confirmed via two consecutive candles; however, we anticipate a retest of this level as resistance is met with increased buying pressure – if it does not hold, we expect SHIB/USD to continue higher towards $0.00003.

A push higher from a daily swing low of $0.000025 continues to highlight an uptrend, with a bullish flag pattern forming over the past five days. The break above this level has been met with significant buying pressure, which increases confidence that SHIB/USD will continue its upward momentum throughout the day. A push above $0.00003 is a likely result, but we anticipate a retest of the 0.71 Fibonacci level priced at $0.000025 before further appreciation is seen.

SHIB/USD 4-hour chart: Bullish signals

On the 4-hour chart, we can see the Shiba Inu price retracing after a move higher overnight as bulls prepare for another push higher.

The RSI has entered the overbought region, and bearish divergence is in play on the four-hour chart, suggesting that a short-term correction could be due, allowing for the upwards momentum to resume. However, oversold conditions have been reached, allowing for a bullish rally to continue quickly – we expect SHIB/USD to remain supported throughout today’s trading session and push towards $0.00003 as the next upside target.

The Mayer Multiple technical indicators have produced a strong bullish signal, supporting the idea that SHIB/USD will continue to appreciate today. We see that price action is currently trading at a 1.6 value, so further gains from the current level would indicate an extended uptrend for this cryptocurrency.

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

Shiba Inu’s price movement has slowed down in the last week. A new all-time high was established at $0.000035 on October 7, after a very powerful rally early in October.

The 4-hour Stochastic RSI has been trending higher over the past five days, indicating that bullish momentum will dominate the market throughout the day. The most recent reading has increased to 86.67, suggesting that the bulls will continue to execute their strategy and regain control of price action for SHIB/USD.

Shiba Inu Price Analysis: Conclusion 

If bulls can maintain a clear break above $0.00003, we expect SHIB/USD to quickly follow through and test resistance provided by the October 7 high priced at $0.000035. However, we hope that price action will meet resistance, and a retracement is likely to occur – once this happens, we should anticipate another push towards $0.00003 as buyers re-enter the market.

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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