TL;DR Breakdown
- Shiba Inu price analysis appears to be bearish.
- The strongest resistance is present at $0.00003954.
- The strongest support is present at $0.00003421.
The Shiba Inu price analysis reveals the meme cryptocurrency to be in a rut, and the market has been following a significantly fluctuating direction, with the trend being bearish. The cryptocurrency has suffered further devaluation in the past few days; On December 27, 2021, the prof SHIB rose from $0.00003783 to $0.00003914. The meme cryptocurrency proceeded to follow a head and shoulder pattern through the next day. The price of SHIB/USD as of now is $0.00003478.
SHIB/USD 4-hour price analysis: Volatile market with strong bearish dynamics
The Shiba Inu price analysis reveals the market of the meme cryptocurrency to be following an inclining movement, which means that the price of SHIB/USD is becoming more prone to undergo variable change. The upper limit of the Bollinger’s band is present at $0.00003712, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00003421, which represents the strongest support.
The SHIB/USD price appears to be crossing under the curve of the Moving Average, which shows a bearish movement. The trend of the market has been experiencing a fluctuating trend in the past few days, but now it seems that the direction will remain bearish.
The Relative Strength Index (RSI) is 38 revealing the meme cryptocurrency slightly moving towards the undervalued category. The RSI can be seen following a downwards movement, gradually approaching the 30 mark, which will mean the cryptocurrency has finally entered the undervalued category resulting in a future reverse trend.
Shiba Inu price analysis for 1-day: The squeeze gets tighter for SHIB
The Shiba Inu price analysis had revealed the market’s volatility to be following a declining trend, making the SHIB price less prone to experience variable change. The support and resistance are coming near each other as we speak, tightening the squeeze on the market; this may result in a colossal burst of a highly volatile market. The upper limit of the Bollinger’s band is present at $0.00003954, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00002948, which serves as the strongest support.
The SHIB/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. The bears are dominating the market viciously, and the bulls seem to have no chance of countering their stance.
The Relative Strength Index (RSI) is 46 showing a considerably stable stance for the Shiba Inu cryptocurrency. The RSI can be seen following a straight movement meaning that the value will neither fall on the overbought slot nor the undervalued slot.
Shiba Inu Price Analysis Conclusion: Bear domination
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 a reverse movement very soon. SHIB/USD has suffered severe devaluation following its recent climb to the $0.00003950 mark; the price reached $0.00003942 on December 27, 2021; however, the price suffered a massive decline the next day and fell as far as $0.00003360. Observations indicate a reverse trend very soon, but that depends on the bears who currently hold all the cards. The bulls will have to come up with something soon, or the cryptocurrency might suffer severe devaluation.
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