Shiba Inu price analysis: SHIB/USD demonstrates bullish possibilities at $0.00002311

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • Strong resistance at $0.00003428.
  • Trading price of SHIB is $0.00002311.

Today’s Shiba Inu price analysis reveals a bearish movement in the market. Although bulls try to counter bears in the fight for the market with their newfound strength, there is hope for bulls as the odds stack in their favor. As a result, the price of SHIB experienced a massive incline and reached $0.00002043, from $0.00001721; on January 22, 2022, the price maintained an increasing trend.

Today, on January 23, 2022, the price has been experiencing splendid ups, causing the price of SHIB to increase immensely. As a result, SHIB/USD price has risen to $0.00002311 while attaining a large segment of its previously lost value. SHIB currently trades at $0.00002311. Shiba Inu has been up 15.79% in the last 24 hours, with a trading volume of $2,523,985,260.

SHIB/USD 4-hour analysis: Latest developments

The Shiba Inu price analysis has revealed the market following a bearish trend with the volatility opening massively, making the cryptocurrency’s price significantly more vulnerable to volatile change on either extreme. Consequently, the upper limit of the Bollinger’s band is present at $0.00003020, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001728, which acts as another resistance point rather than support for SHIB.

The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. The price has entered the bullish zone with tangible signs of further bullish activity. The bulls have taken over the market in the last few hours and possibly held their stance.

Shiba Inu price analysis: SHIB/USD demonstrates bullish possibilities at $0.00002311 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 44, making SHIB/USD fall in the lower neutral region. It seems SHIB has managed to escape depreciation and attain a somewhat stable RSI score. However, the price follows a clear straight trend indicating stability and the equivalence of buying and selling activities.

Shiba Inu Price Analysis for 1-day: Market opens the squeeze

The Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00003428, which serves as the most substantial resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002199, which acts as the strongest support for SHIB.

The SHIB/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. The price seems to be following a declining activity and might break the support, entering a breakout. The breakout might indisputably result in a reversal trend.

Shiba Inu price analysis: SHIB/USD demonstrates bullish possibilities at $0.00002311 2
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score to be 35, signifying an undervalued cryptocurrency. Furthermore, the RSI falls in the depreciation region. Following an upwards direction, it is signaling towards movement towards stability and increment in the value of SHIB, representing the selling activity exceeding the buying activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion:

The Shiba Inu price analysis concludes that the cryptocurrency follows a bearish trend. However, Shiba Inu has gained tremendous bullish potential again as the market’s volatility increases. Furthermore, the market trend is anticipated to shift fully bullish in a few days, which will raise the value for SHIB. Therefore, we can expect a bullish market in the coming days.

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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