- Shiba Inu price analysis is bullish today.
- SHIB/USD declined overnight.
- SHIB is currently at $0.000048.
The SHIB/USD pair is presently trading at 0.0000028, a fresh 30 percent increase from the previous day’s close of 0.0000024. The $0.000040 support was re-tested after a strong decline overnight, showing that today’s price analysis is bullish. As a result, we anticipate SHIB/USD to reverse and advance over the next 24 hours.
The support at $0.000040 was tested again this morning after an overnight decline of about 6 percent, which saw SHIB/USD hit a low of 0.0000032. The resistance at $0.000048 remains intact, and the pair is still within the ascending channel (bullish pattern), with price action bouncing off the upper trend line three times in the past 24 hours. As it stands, SHIB/USD has yet to break above this level and rise above $0.000050 (dotted red line). This could happen in the next 12 to 18 hours if the momentum continues to drive upwards; however, there are no guarantees that the price will move beyond this level due to its significant distance from current prices.
Price action for SHIB/BTC has reversed in the past 24 hours. After reaching a high of 36 satoshis yesterday, SHIB/BTC dropped to 30 satoshis this morning before recovering to 34 sats (at press time). This is an increase in value of about 10 percent, with a chance that momentum will continue and break the 40-satoshi level soon. If this occurs, SHIB/BTC could rise to 50 or 60 sats over the next few days as traders enter the market to take advantage of the recent upward trend.
SHIB/USD 4-hour chart: SHIB ready to reclaim loss?
The Shiba Inu price is trading positively and has been in an uptrend since early August. The price is now undergoing a significant correction, with the downward movement likely leading to a push higher over the next 24 hours.
Shiba Inu’s price action has been stuck in a narrowing range for the past several weeks. After a minor drop at the start of the month, support was found at $0.000040.
After forming a lower high, SHIB/USD reversed and retested the support on the 10th of November. Last week saw little change in terms of sideways motion, with no major break higher.
The pair fell to as low as $0.000045 overnight, where it found support for the second time this week. SHIB/USD was again rejected higher, suggesting that we will see more consolidation later in the week.
Shiba Inu Price Analysis: Conclusion
The Shiba Inu price is currently bullish, with a strong rejection of $0.000040 occurring after a substantial decline earlier today. As a result, we predict that SHIB/USD will begin recovering and regain some of the lost ground over the next 24 hours.
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