Shiba Inu price analysis: SHIB falls 8 percent but bullish run may not be over yet

Terra price analysis

TL;DR Breakdown

  • Shiba Inu price lowered another 8 percent on the day’s trade
  • Sellers taking out profits after SHIB soared to an all-time high of $0.0000845 yesterday
  • According to technical indicators the bullish run may not be over just yet

Shiba Inu price analysis for the day shows that the token is undergoing a free fall after surging to its all-time high yesterday. Price dropped more than 8 percent on the day to sit at $0.00006815 at the time of writing, with trading volume topping 32 percent. The sudden decline indicates sellers making profits from the token as price continues to decline. However, according to technical indicators and intra-day trade candlesticks, it can be inferred that the bullish run may not be over just yet. Over the last 24 hours, price shipped as low as $0.00005741, only to be rescued above the crucial moving averages at of $0.00006787.

The larger cryptocurrency market showed recoveries over the last 24 hours, contrary to Shiba Inu. Bitcoin stayed in close contact with the $60,000 mark with a slight jump, along with Ethereum’s push past $4,000 with a 4 percent increase. Cardano and Ripple upped by 1 percent each, with Solana and Polkadot rising with the same trend. The biggest jump was made by Dogecoin over the last 24 hours as price rose up to $0.303 with a 25 percent increase.

Shiba Inu price analysis: SHIB falls 8 percent but bullish run may not be over yet 1
Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360

SHIB/USD 24-hour chart: Decline providing buying opportunity before price recovers

On the 24-hour price chart, Shiba Inu price currently sits well above its crucial 20,50 and 100-day Exponential Moving Averages (EMAs) despite the intra-day decline. The Relative Strength Index (RSI) shows an overvaluation in the market with a value of 72.38, suggesting that the bullish trend is still in place for the token. The 24-hour technical indicators suggest that SHIB is set to provide a buying opportunity arising from the day’s decline, before price is set to recover along with the rest of the market.

Shiba Inu price analysis: SHIB falls 8 percent but bullish run may not be over yet 2
Shiba Inu price analysis: 24-hour chart. Source: Trading View

SHIB/USD 4-hour chart: Evening Star pattern appears to signify change in price

On the 4-hour chart for SHIB/USD pair, the latest activity can be summed with the appearance of an Evening Star pattern to suggest a change in trend for the token. However, the reversal indicator can be taken as a “buy opportunity” for the market with an eye for the support floor at $0.0000446. With bullish indicators in place, buying opportunity will remain till the short-term candlesticks do not move towards $0.0000383. The RSI value of 56.87 confirms that there is still underlying buying momentum in the market for SHIB.

Shiba Inu price analysis: SHIB falls 8 percent but bullish run may not be over yet 3
Shiba Inu price analysis: 4-hour chart. Source: Trading View

Shiba Inu price analysis: Conclusion

According to majority technical indicators, SHIB price is cooling down after a record-breaking surge up to $0.00008845 yesterday. Price has declined over 8 percent and seems to be headed towards $0.0000446, but it can be considered as a buying opportunity owing to underlying strength in majority technical indicators. The next 12-hour trade will be crucial for price setting, and a decisive close above current price would keep the bullish momentum intact.

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.

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

Related News