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Shiba Inu price analysis: SHIB/USD declines further from the $0.00003300 as bears clutch the market

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 $0.00003291

The Shiba Inu price analysis shows that the cryptocurrency market indicates that the meme cryptocurrency has undergone significant changes over the past few days. The price has suffered devaluation again, with increasing flexibility; the price dropped from the $0.00003300 mark after reaching $0.00003306 on January 4, 2022. The market remains bearish, which could lead to further declines. The current price of SHIB/USD is $0.00003364.

SHIB/USD 4-hour price analysis: Market experiences a breakout

The Shiba Inu price analysis has revealed market volatility following an upward trend which means the price of the cryptocurrency is likely to meet the volatility and undergo change. The upper limit of the Bollinger Band exists at $0.00003445, which acts as the strongest resistance. The lower limit of the Bollinger Band limit is available at $0.00003283, representing another resistance point instead of the strongest support.

The resistance band of the support band appears to be moving further from each other, indicating increasing volatility. The SHIB/USD price seems to be driving under the support band, which shows a breakout happening in the market, which may result in a reverse trend.

The SHIB/USD price appears to be below the Moving Average curve, indicating a bearish trend. Bears dominate the market, giving bulls little chance of countering their schemes.

Shiba Inu price analysis: SHIB/USD declines further from the $0.00003300 as bears clutch the market 1
SHIB/USD 4-hour price chart source: Trading view

The Relative Strength Index (RSI) is 36, which means that cryptocurrency falls into the category of undervalued stocks. The RSI can be seen following a downwards approach that reflects a devalued market for the meme cryptocurrency, and this may indicate a possible reverse trend soon.

Shiba Inu price analysis for 1-day: The squeeze gets tighter for the meme cryptocurrency

The Shiba Inu price analysis shows market volatility following a quiet trend, not falling on the rising side or the downside. This means that SHIB/USD prices subject to fluctuations remain constant. The upper limit of the Bollinger Band exists at $0.00003924, which acts as the strongest resistance. The lower limit of the Bollinger Band is available at $0.00002927, representing the strongest support.

The support and resistance bands seem very close, indicating that the market is tight. This means that market volatility is likely to arise soon, giving bulls the opportunity to return to the market.

The SHIB/USD price appears to be below the Moving Average curve, indicating a strong bearish trend. The market remains bearish, with low volatility. This can only change if the volatility increases and the bulls take advantage.

Shiba Inu price analysis: SHIB/USD declines further from the $0.00003300 as bears clutch the market 2
SHIB/USD 1-day price chart source: Trading view

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) to be 42, which means that the cryptocurrency meme shows no signs of falling into the low or over-bought category. The RSI can be seen following a precise, stable movement that reflects a steady market trend and a small chance of recovery.

Shiba Inu Price Analysis Conclusion: Market clenched in a bearish loop

The conclusion of the Shiba Inu price analysis shows that the current cryptocurrency behavior indicates that it is following a strong bearish trend that will not back down anytime soon. SHIB/USD lost a lot during its recent rise to the $0.00003400 mark; price reached $0.00003407 on January 3, 2022; however, the price has been decreasing since then, the current price of Shiba Inu is present at $0.00003281. SHIB Market is stuck in a bearish loop.

Focus shows a recurring decline, but that depends on market volatility, which should grow to give bulls a chance to fight. If not, the bears will continue to dominate them.

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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