- Shiba Inu price analysis is bearish today.
- SHIB/USD rallied overnight.
- Lower high set at $0.000075
The price of the Shiba Inu is bearish today because bullish momentum was unable to drive the market past $0.000075 overnight, resulting in another lower high set. As a result, we anticipate SHIB/USD to drop further later today, possibly below $0.00006 support.
Shiba Inu price movement in the last 24 hours: Shiba Inu moves higher overnight, sets lower high at $0.000075
In the daily chart, we can also see that a bearish divergence has been set up, a contrarian indicator where higher highs in price are met by lower highs on the RSI. Because of this, we could still see a sharp drop in price later today.
Yesterday, SHIB/USD witnessed a significant spike in volume, which could indicate that bullish momentum will push the market higher later today. However, it’s still possible for this rally to fail before pushing through the $0.000075 resistance.
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.
Looking at the 4-hour chart, we can see that the lower high began to form during the early hours of this morning when the market pushed above $0.000075 but failed to maintain that level. This resulted in a downward-sloping price channel, which is continuing to put pressure on the market today – see red trendline in the chart below:
Given that the price has dropped below both the 21-day moving average and 50-day moving average, we can assume that bears have won control in the short term. This is reflected on the daily chart too, where we can see that yesterday’s candle closed with a solid bearish shadow.
In case of a breakout from the current range, we anticipate a rally towards $0.000115 and possibly even $0.000135 if bulls successfully push the market above $0.000075. Once this key barrier has been broken, expect a push to $0.000155.
The bears were in control once again over the weekend, as bearish momentum slowly pushed the Shiba Inu price movement back to $0.00006 support. SHIB/USD moved higher once again after some consolidation, where resistance was encountered at $0.000075, suggesting another lower high set.
Shiba Inu Price Analysis: Conclusion
The price of the Shiba Inu is contracting as a new higher low has been established at $0.000075 after a brief rally overnight. As a result, we anticipate SHIB/USD to fall again later today to attempt the $0.00006 support level.
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