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Shiba Inu price analysis: SHIB fluctuates under the $0.00002300 mark

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • The strongest support is present at $0.00001980.
  • Trading price of SHIB is $0.00002268

The Shiba Inu price analysis reveals that the cryptocurrency has entered a bullish market and will maintain this movement. Although bears have dominated the market for the past week, bulls managed to reclaim the market and crown themselves as rulers. Following yesterday’s price spike, the price of SHIB increased significantly and reached $0.00002152, from $0.00002019.

On February 6, 2022, the price spiked again to the $0.00002184 mark and remained around that threshold. Soon after, the price declined and reached $0.00002152 while losing some of its value. SHIB currently trades at $0.00002251, with a trading volume of $509,539,737. SHIB has been up by 4.28% in the last 24 hours. SHIB currently ranks #15 with a live market cap of $11,822,055,408.

SHIB/USD 4-hour analysis: Latest developments

The Shiba Inu price analysis has revealed the market following a bearish trend with increasing volatility, making the cryptocurrency’s price less vulnerable to volatile change. However, the price is more likely to fall on the declining side as the bears control the market. The upper limit of the Bollinger’s band is present at $0.00002390, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001980, 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. As a result, the price has entered the bearish zone and is likely to continue with this momentum. For the last few hours, the Shiba Inu market has experienced an immense bullish period, but the bears have made a strong comeback and will not leave the market quickly.

Shiba Inu price analysis: SHIB fluctuates under the $0.00002300 mark 1
SHIB/USD 4-hour price chart source: TradingView

The Relative Strength Index (RSI) score is 60, making the cryptocurrency fall in the upper neutral zone, showing no signs of devaluation or inflation. However, the RSI score seems to be moving linearly, signifying somewhat stable dynamics and equivalence of buying and selling activity.

Shiba Inu price analysis for 24-hours: Market tightens

For one day, the Shiba Inu price analysis has revealed a bullish market with the potential to maintain it. Moreover, the market’s volatility appears to follow a decreasing trend, making Shiba Inu’s price less prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.00002669, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001807, which acts as the strongest support for SHIB.

The SHIB/USD price appears to cross over the curve of the Moving Average, signifying a bullish movement. In addition, the support and resistance bands seem to be closing the gap between them, indicating a tightening market. This may mean the preservation of the current trend. However, the bears are showing potential to reclaim the market.

Shiba Inu price analysis: SHIB fluctuates under the $0.00002300 mark 2
SHIB/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score is 42, signifying the stability of the cryptocurrency, and the RSI falls in the lower neutral zone. However, the RSI appears to be following an upwards trend pointing towards stable dynamics, dominant buying activity, and an increasing market.

Shiba Inu Price Analysis Conclusion:

The Shiba Inu price analysis concludes that the cryptocurrency follows a stable bullish trend with bearish opportunities emerging. The cryptocurrency has shown much room for bullish activity. However, that depends on how long the bulls can hold the market. The volatility decreases as bulls tighten their grip on the market, and they seem to continue with their momentum, but the bears are not sitting idly by. They have plans of their own.

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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