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

Ripple Price Analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • The volumes also rose by tremendous numbers.
  • Shiba Inu has reached intraday highs of $0.00005002.

According to CoinMarketCap data, the token’s trading volume has increased by 6.47 percent, reaching $1.88 billion. The daily candle opened today at $0.00003830 and closed at $0.00005002.

The cryptocurrency has a global rank of 12 (up 6.74 percent in market capitalization), with a present value of $22.1 billion. Since the all-time high, the token has risen from $0.00003599 to $0.00004754 and is presently at a 54.32 percent low from its all-time high.

On October 5th, the SHIB/USD price rose by 830 percent, starting at $0.00000721 and culminating in an all-time high of $0.00008845 on the same day. Meanwhile, in November, the token has dropped by more than $38%.

The SHIB price analysis is presently in a downturn, but it appears to be a correction from the prior bullish run. The lead developer of the SHIB team recently revealed that the team is working on a Shiba Inu game. This may have had an impact on the token’s price movement.

Shiba Inu Price Analysis: SHIB/USD is bullish for the next 24 hours 1
SHIB four-hour price analysis chart source: TradingView

The indicators have turned bullish as the prices continue to climb above the 100-day Moving Average. The 50-day Moving Average is currently higher than the price action, indicating that bulls will soon attempt to reclaim the crucial zone.

The prices declined below the lower end of the Bollinger Bands, but they are attempting to take over the 50-day Moving Average and form an upward trend after the downturn. They move upwards from the bearish zone of the Bands at present.

The RSI levels show a rise in buyer pressure as the gradient is positive and the RSI line is attempting to enter the bullish area above 50. The accumulation of Shiba Inu tokens is also growing, suggesting that investors buy it and hang on to it for a higher price.

Shiba Inu Price Analysis: Conclusion

TODAY, the SHIB price analysis may be concluded on a bearish tone when the token rose by about 6%. Bitcoin’s crucial support of $57,000 was breached recently, bringing about a bullish sentiment in the market.

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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