logo

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

Shiba inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • SHIB/USD continues to retrace.
  • SHIB/USD is trading at $0.00004780.

Today’s Shiba Inu forecast is bearish, as a fresh downside was established overnight, with no signs of slowing down in sight. As a result, we anticipate that the SHIB/USD pair will move to the $0.00004 level to test support for the third time. Although some minor recovery is expected here, expect the price to peak again at $0.00008 before a further drop.

The Shiba Inu market retraced after reaching the local high of 0.00000968 on Tuesday, as bears returned with an aggressive push this evening. Looking at the 4H chart below, we can see that the market fell below the 50EMA, which was acting as an overhead resistance for quite some time.

As a result of today’s drop, SHIB/USD has pushed lower against USD, marking a major milestone in its path to recovery. The market is currently finding support at 0.00000085, which looks to be the final destination for the drop.

Shiba Inu price movement in the last 24 hours: Shiba Inu continued to move lower

The Bollinger Bands on the 4H chart have contracted significantly, signaling a high degree of volatility in the market. This is certainly not an ideal environment for new traders to enter the market.

The four-hour chart below shows that SHIB/USD has been moving along the 0 lines, confirming an uptrend. This is expected to continue as long as there are no significant drops in price or sudden direction changes. The green boxes highlight our current best entry point for this market, with the red box marking the lowest possible value a long-term investor should expect to see on this market. The green box was determined by plotting the values of our Bollinger Bands indicator (20,2).

Finally, the 4H RSI indicator is at 42, which paints a neutral picture for this market.

Shiba Inu price prediction conclusion: Shiba Inu is expected to reach $0.00006 in the next 24 hours but will likely find support around 0.00000085 before making any new upward move.

SHIB/USD 4-hour chart: SHIB targets $0.00006 previous support next?

On the 4-hour chart, we can see that bearish momentum is still vital for Shiba Inu price action, most likely resulting in the $0.00006 previous support later today.

Shiba Inu Price Analysis
SHIB/USD 4-hour chart. Source: TradingView

The four-hour chart below shows that SHIB/USD has been moving along the 0 lines, confirming an uptrend. This is expected to continue as long as there are no significant drops in price or sudden changes in direction. The green boxes highlight our current best entry point for this market, with the red box marking the lowest possible value a long-term investor should expect to see on this market. The green box was determined by plotting the values of our Bollinger Bands indicator (20,2).

Finally, the 4H RSI indicator is currently at 42, which paints a neutral picture for this market. Shiba Inu is expected to reach $0.00006 in the next 24 hours but will likely find support around 0.00000085 before making any new upward move.

Shiba Inu Price Analysis: Conclusion 

The Shiba Inu price is currently in the midst of the third test of $0.00006 support, which it has just passed for the first time earlier this week. The retracement was more sluggish this time around, implying that the $0.00006 mark will likely assist once again.

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.

Related News

Hot Stories

Ethereum ICO whale address moves 145,000 ETH after 3 years of dormancy 
Polkadot price analysis: DOT resurges to $9.20, consolidation below $10 continues
Bitcoin, Ethereum, Quant, and EOS Daily Price Analyses – 14 August Roundup
How to Stake Klima Tokens 2022 (Complete Guide)
Cardano price analysis: ADA sets up bullish move after rising above $0.55 barrier

Follow Us

Industry News

BlueBenx halts withdrawals after $32 million hack
Vauld fights back after ED freezes its $46M assets
UnionBank launches in-app crypto exchange
Huobi`s crypto mogul seeks to sell his stake for $3B
Are gaming NFTs dead?