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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 $0.00005330.

The Shiba Inu’s future remains bearish today, as a fresh downside was established overnight, and no signs of slowing down appear. As a result, we anticipate the SHIB/USD pair will move to $0.00004 to test support for the third time. Although some modest recovery is anticipated, we anticipate it will be short-lived, as the main downtrend line from the January high is yet to be broken.

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

The Bollinger Bands have narrowed substantially, suggesting a high degree of market volatility. This is most certainly not the best time to start trading for inexperienced traders.

Taking a look at the chart above, we can see that since our most recent analysis, price action went on to retrace towards the $0.0005 support level, where it has now found some significant support. We anticipated this area to provide resistance, and this was the case. However, the bulls made no attempt at breaking above this level after several consecutive rejections, indicating that the price is likely to continue moving lower. In this instance, we anticipate a move towards $0.00005 where there is strong daily support. This will be our first indication of a potential trend change, and if this is not broken, we anticipate the next support level to be at $0.00004. If the price does break below this level, we will need to see some convincing movement away from it for a fresh uptrend to establish itself. Otherwise, like most other assets in the market today, SHIB/USD is likely to continue its retracement.

The technical indicators are currently favoring the bears within this market. The RSI is trading at extreme oversold conditions, so a small recovery could be due soon. If the price action does not recover, we can expect a move towards our next downside target of $0.00004 in the very near term.

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

On the 4-hour Shiba Inu price analysis 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

Taking a look at the short-term 4hr chart, we can see that price action has moved swiftly to test support at the downside 1.272 Fibonacci Extension level (drawn in green) priced at $0.00005298. We can see that this area of support has provided significant buying volume for the market on several occasions. It is likely to provide some more resistance on this next test, and if it is broken we would anticipate the market to continue down towards our next target level at $0.00004.

The technical indicators within this market are currently favoring the bears as well. The RSI is once again trading at extreme oversold conditions, so if the buyers are able to step back into the market, we may see a small recovery soon. If not, SHIB/USD is likely to break below $0.00005298 and continue its retracement process.

Shiba Inu Price Analysis: Conclusion 

Overall, the outlook for Shiba Inu price remains bearish as we have established a fresh downside break. We will continue to monitor this market over the next 24 hours and update our subscribers should any potential changes occur.

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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