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Shiba Inu price analysis: SHIB shows enormous positive potential towards $0.00003400

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • The strongest support is present at $0.00001831.
  • Trading price of the Shiba Inu coin is $0.00003312.

The Shiba Inu price analysis reveals that the cryptocurrency has entered a bullish market and appears to have broken the resistance. Although the movement has been irregularly the past week, bulls maintained it, which is not short of achievement itself. For example, following yesterday’s price spike, the price of SHIB increased significantly and reached $0.00001762 from $0.00003495 on February 7, 2022.

On February 8, 2022, the price remained under the $0.00003400 mark reached $0.00003484. Soon after, the price declined and reached $0.00003312 while losing its value. SHIB currently trades at $0.00003312, with a trading volume of $5,312,385,791. SHIB has been up by 19.70% in the last 24 hours. SHIB currently ranks #13 with a live market cap of $18,208,721,769.

SHIB/USD 4-hour analysis: Latest developments

The Shiba Inu price analysis has revealed the market following a solid bullish trend with massive volatility, making the cryptocurrency’s price more vulnerable to volatile change. The upper limit of the Bollinger’s band is present at $0.00003607, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001831, which acts as the strongest support for SHIB.

The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. As a result, the price has entered the bullish zone, as the cryptocurrency has experienced an immense bullish period for the last few hours. It appears the last few hours were engulfed in a severe bullish movement making the cryptocurrency Shiba Inu market enter a breakout. This, in turn, forces the market’s volatility to burst and the direction of the Shiba Inu price to reverse; it follows a downwards movement now.

Shiba Inu price analysis: SHIB shows enormous positive potential towards $0.00003400 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 78, making the Shiba Inu price fall in the overvalued zone, showing severe signs of inflation. However, the RSI score seems to follow a downwards path, signifying movement towards stability along with the devaluation of the Shiba Inu coin value. The decrease in the RSI score represents dominant selling activity.

Shiba Inu price analysis for 24-hours: SHIB/USD breaks resistance

The Shiba Inu price analysis has revealed a bullish market with an ongoing breakout, giving bears massive opportunities. Moreover, the market’s volatility appears to follow a slightly increasing trend, making Shiba Inu’s price more prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.00003067, which serves as a support point for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001571, which acts as another support point 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 opening the gap between them, indicating an opening market giving more room to the Shiba Inu price to move to either extreme. This may mean the emergence of a new trend. However, the bears are showing potential to reclaim the market, and the price seems to move upwards, almost breaking the support. Furthermore, the SHIB price has crossed the resistance band, signifying a breakout. This will cause the trend to reverse in the future.

Shiba Inu price analysis: SHIB shows enormous positive potential towards $0.00003400 2
SHIB/USD 1-day price chart source: TradingView

The Relative Strength Index (RSI) score is 70, signifying severe cryptocurrency inflation, and the RSI falls in the overbought zone. However, the RSI appears to be following a linear trend pointing towards an overbought market and equivalence of selling and buying activity.

Shiba Inu Price Analysis Conclusion:

The Shiba Inu price analysis concludes that the cryptocurrency follows a stable bullish trend with reversal opportunities. The cryptocurrency has gained more volatility, giving the Shiba Inu coin more room for activity on either extreme. However, that depends on how long the bulls can hold the market, which doesn’t feel as long as the bulls show potential to make a strong comeback. The volatility increases as the market offers more chances of a reversal movement.

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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