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Shiba Inu price analysis: SHIB/USD maintaining bearish trend at $0.00003405

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis appears to be bearish.
  • The strongest resistance is present at $0.00003924.
  • The strongest support is present at $0.00002205.

The Shiba Inu price analysis shows us that the cryptocurrency has started the year with the same dynamics. The market has maintained a bearish trend where the price refuses to rise because the bears hold the market. By observing the market dynamics of the end of 2021, we can make predictions on how the cryptocurrency will have a positive incline coming soon. On December 30, 2021, the market was strongly bearish, and it maintained this trend the next day. On January 1, 2021, the cryptocurrency experienced a flash crash where the price fell but was able to regain its value shortly after. The current price of SHIB/USD is $0.00003405.

SHIB/USD 4-hour price analysis: Market entering a squeeze, bullish dynamics possible

The Shiba Inu price analysis has revealed the market’s volatility to be following a declining movement. which means that the value of the cryptocurrency is becoming less exposed to variable change. The upper limit of the Bollinger’s band is present at $0.00003466, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00003305, which represents the strongest support.

The resistance band and the support band are coming significantly close together, which may indicate a future squeeze in the market. The squeeze will favor the bulls and raise the volatility of the market considerably, giving the bulls a chance to capture the market and raise the price.

The SHIB/USD price can be seen crossing over the curve of the Moving Average, signifying a bullish movement. The trend has remained bearish for the most part, and the market has just turned bullish, and we hope the bulls can maintain it for as long as possible.

Shiba Inu price analysis: SHIB/USD maintaining bearish trend at $0.00003405 1
SHIB/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 46, indicating a relatively stable value for the cryptocurrency. The RSI can be seen following an upwards movement predicting that the price may rise if the RSI doesn’t fluctuate.

Shiba Inu price analysis for 1-day: SHIB market maintains low volatility

The Shiba Inu price analysis reveals the volatility to be maintaining a steady straight direction, meaning that the price is currently not prone to experience variable change on either extreme. The upper limit of the Bollinger’s band is present at $0.00003924, which serves as the strongest resistance. The lower limit of the Bollinger’s band is present at $0.00002934, which serves as the strongest support.

The resistance band and the support band are near each other, signifying that the market is experiencing a squeeze, indicating that the volatility of the market is prone to increase soon.

The SHIB/USD price appears to be crossing under the curve of the Moving Average, signifying a bearish movement. The bears are maintaining strong control of the market.

Shiba Inu price analysis: SHIB/USD maintaining bearish trend at $0.00003405 2
SHIB/USD 1-day price chart source: Trading view

The Relative Strength Index (RSI) is 45, indicating a stable value for the meme cryptocurrency. This means that the cryptocurrency shows no sign of being undervalued or overbought. The RSI can be seen following a slight upwards trend meaning that the price may increase if this movement is maintained.

Shiba Inu Price Analysis Conclusion: Possible reverse trend in the near future

The conclusion of the Shiba Inu price analysis shows that 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 $0.00003450 mark; the price reached $0.00003449 on December 31, 2021; however, the price suffered a massive decline the same day and fell as far as $0.00003275.

Observations indicate a reverse trend very soon, but that depends on the bears who hold all the cards, and the bulls are coming with everything they have, and from the looks of it, they may finally reclaim the throne for themselves.

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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