Shiba Inu price analysis: SHIB/UD struggles for $0.00002200

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • Strong resistance at $0.00003414.
  • Trading price of SHIB is $0.00002127.

Today’s Shiba Inu price analysis reveals a bearish movement in the market. Bears seemed to have exhausted their strength, but bear behavior suggests the opposite; they are again taking control of the market. As a result, the price of SHIB experienced a stable trend with minor fluctuations and reached $0.00002269, from $0.00002338; on January 23, 2022, the price maintained a steady trend.

Today, on January 24, 2022, the price has been experiencing ups and downs, causing the price of SHIB to remain around the $0.00002200 threshold. As a result, SHIB/USD price has reached $0.00002127 while attaining a small segment of its previously lost value. SHIB currently trades at $0.00002127. Shiba Inu has been down 3.02% in the last 24 hours, with a trading volume of $1,599,442,222.

SHIB/USD 4-hour analysis: Latest developments

The Shiba Inu price analysis has revealed the market following a bearish trend with the volatility decreasing, making the cryptocurrency’s price less vulnerable to volatile change on either extreme. Consequently, the upper limit of the Bollinger’s band is present at $0.00002662, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001778, which acts as the strongest support for SHIB.

The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. The price has entered the bearish domain with tangible signs of possible bullish activity. The bears have taken over the market in the last few hours and possibly hold their stance.

Shiba Inu price analysis: SHIB/UD struggles for $0.00002200 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 39, making SHIB/USD fall in the lower neutral region. However, the price follows a downward trend indicating further depreciation and the dominance of the selling activity.

Shiba Inu Price Analysis for 1-day: Expanding volatility

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 $0.00003414, which serves as the most substantial resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002095, 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. Furthermore, the price seems to be following an inclining trend entering the previously broken support.

Shiba Inu price analysis: SHIB/UD struggles for $0.00002200 2
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score to be 31, signifying an undervalued cryptocurrency. Furthermore, the RSI falls in the depreciation region. Following a downwards direction, it is signaling movement away from stability and depreciation 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. However, the bears have a stronghold on the market, making it tricky for the bulls.

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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