- Shiba Inu price analysis is bearish today.
- SHIB/USD rallied overnight.
- Lower high set at $0.000075
Shiba Inu price analysis is bearish today as bullish momentum could not move the market past $0.000075 overnight, resulting in another lower high set. Therefore, we expect SHIB/USD to move lower again later today, likely to test the $0.00006 support.
The crypto market has seen slight bullish momentum over the past 24 hours, with Bitcoin up by 2.19 percent. Meanwhile, Ethereum has gained 0.9 percent, while Shiba Inu (SHIB) is among the top performers, with a gain of over 10 percent.
Shiba Inu price movement in the last 24 hours: Shiba Inu moves higher overnight, sets lower high at $0.000075
SHIB/USD traded in a range of $0.0000587 – $0.00007488, indicating strong volatility over the last 24 hours. Trading volume has increased by 20.29 percent and totals $9.5 billion, while the total market cap trades around $39 billion, ranking the coin in 9th place overall.
SHIB/USD 4-hour chart: SHIB set to decline again?
On the 4-hour chart, we can see bearish momentum slowly returning after a brief move higher overnight, indicating the Shiba Inu price action is headed lower today.
Shiba Inu price action has seen bearish momentum return over the past week. After a strong rally during most of October, a new all-time high was set at $0.0000885 on the 27th of October.
However, a sharp reversal followed, leading SHIB/USD to form new support at $0.00006. From there, a reaction higher took the market to $0.000077, where a lower high was set.
Over the weekend, bearish momentum returned, slowly pushing the Shiba Inu price action back to the $0.00006 support. After some consolidation, SHIB/USD moved higher again, where resistance was found at $0.000075, meaning another lower high set.
Shiba Inu Price Analysis: Conclusion
Shiba Inu price analysis is bearish today as a new higher low has been set at $0.000075 after a brief upsurge overnight. Therefore, we expect SHIB/USD to move lower again later today to test the $0.00006 support.