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Shiba Inu price analysis: The meme cryptocurrency going stable at $0.00003591

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis appears to be bearish.
  • The strongest resistance is present at $0.00003962
  • The strongest support os present at $0.00003587

The Shiba Inu price analysis reveals that the meme cryptocurrency is currently experiencing a bearish trend with stable momentum. The price of SHIB/USD has been fluctuating. On December 26, 2021, the price went from $0.00003683 to $0.00003831. The meme cryptocurrency maintained the momentum the next day and went from $0.00003831 to $0.00003943, entering the $0.00003900 mark. On December 28, 2021, the market experienced a flash crash, and the price went from $0.00003943 to $0.00003594; it gradually declined even more and went to $0.00003591, which is the current price of Shiba Inu.

SHIB/USD 4-hour price analysis: Strong bearish dynamics, increasing volatility

The Shiba Inu price analysis indicates that the meme cryptocurrencys’ market volatility is following an inclining path, which makes the SHIB/USD price more prone to variable change. The upper limit of the Bollinger’s band is present at $0.00003943, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00003587, which represents the strongest support. Observations on the price path lead us to believe that a future breakout is possible in the market.

The SHIB/USD price appears to be crossing under the curve of the Moving Average, which indicates a bearish trend. The SHIB/USD seems to be close to the support band, which could mean a future breakout that may result in a reverse movement.

Shiba Inu price analysis: The meme cryptocurrency going stable at $0.00003591 1
SHIB/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 40, which indicates a relatively stable value for the meme cryptocurrency. The RSI path can be seen to be following a declining trend, which could tell future devaluation. It seems that the bears have gained complete control of the market and want the bulls out of the picture. The bulls are losing their grip on the market.

Shiba Inu price analysis for 1-day: Market experiences a tight squeeze

The Shiba Inu price analysis reveals the market’s volatility to experiencing a squeeze; the resistance and the support have come near one another, which may result in the volatility exploding. The volatility itself is neither increasing nor decreasing. The upper limit of the Bollinger’s band is present at $0.00003962, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00002949, which serves as the strongest support,

The SHIB/USD price can be seen crossing under the curve of the Moving Average, signifying a bearish movement. The market is experiencing a tight squeeze which may result in a solid reverse direction, and the trend might shift from bearish to bullish.

Shiba Inu price analysis: The meme cryptocurrency going stable at $0.00003591 2
SHIB/USD 1-day price chart source: Trading view

The Relative Strength Index is 48. This value signifies stability for the meme cryptocurrency. However, the RSI path can be seen moving strongly downwards, hinting towards devaluation. Still, since the market is in a squeeze and a reverse trend is inevitable, the bulls might finally take control of the market and retain its value.

Shiba Inu Price Analysis Conclusion: Dog days are coming to an end for Shiba Inu

The conclusion of the Shiba Inu price analysis shows that the recognition made in the current behavior of the meme cryptocurrency shows that it is following a rocky downwards trend with the possibility of going uphill very soon. SHIB/USD climbed with fatigue at the $0.00003950 mark; the price reached $0.00003942 on December 27, 2021. Observations indicate a reverse trend very soon, and the bulls will regain the throne for the Shiba Inu market and bring the price up.

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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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