Shiba Inu price analysis: SHIB declines further to the $0.00002050 mark

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • Strong resistance at $0.00003375.
  • Trading price of SHIB is $0.00002051.

Today’s Shiba Inu price analysis reveals a bearish movement in the market. Nevertheless, the bulls have found new strength in the resistance and use it to their advantage. The odds seem to be in the bulls’ favor. However, the bears currently control the market, but can they maintain it? As a result, the price of SHIB experienced massive fluctuations and reached $0.00002140, from $0.00002004; on January 27, 2022, SHIB/USD continued a fluctuating trend the following day.

Today, on January 27, 2022, the price has been experiencing massive fluctuations, causing the price of SHIB to increase and decrease without a pattern immensely. As a result, SHIB/USD price has dropped to $0.00002051 while losing a small part of its losses over the last few days. SHIB currently trades at $0.00002051. Shiba Inu has been down 1.65% over the previous 24 hours, with a trading volume of $753,109,323.

SHIB/USD 4-hour analysis: Latest developments

The Shiba Inu price analysis has revealed the market following a bearish trend as the market enters a squeeze, forcing the resistance and the support to come closer, making the cryptocurrency’s price significantly less vulnerable to volatile change on either extreme. Consequently, the upper limit of the Bollinger’s band is present at $0.00002220, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002006, 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 zone again with tangible signs of future bullish activity. The price seems to be following a downwards movement indicating a possible break in the support, leading to a reversal movement.

Shiba Inu price analysis: SHIB declines further to the $0.00002050 mark 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 42, making SHIB/USD fall in the lower neutral region. However, the price follows a downwards trend indicating stability and the dominance of the selling activity.

Shiba Inu price analysis for 1-day: Market expands

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 $0.00003375, which serves as the most substantial resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001793, 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. On the other hand, the price seems to be following an upwards activity and might break the Moving Average curve and make the bulls come into action reversing the trend while they’re at it.

Shiba Inu price analysis: SHIB declines further to the $0.00002050 mark 2
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score to be 30, signifying an undervalued cryptocurrency. Furthermore, the RSI falls in the depreciation region. Therefore, following a downwards approach is signaling towards movement towards devaluation and 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 support is expected to break in a few hours, potentially leading to a breakout in the market, reversing the market dynamic.

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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