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Shiba Inu price analysis: SHIB starts to lose value at $0.00002470

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • Strong resistance at $0.00003128.
  • Trading price of SHIB is $0.00002470.

Today’s Shiba Inu price analysis reveals a newfound bearish movement in the market, starting on a negative path, decreasing the price of SHIB significantly. As a result, the cost of SHIB experienced a value depreciation and reached $0.00002512, from $0.00002571; on March 3, 2022, SHIB/USD continued a decreasing movement the following day.

Today, on March 4, 2022, the price has been experiencing massive downs, causing the price of SHIB to decline to the $0.00002470 mark. Furthermore, the cryptocurrency shows further downside risk and is following a downward trend, which means it will reach its goal sooner than expected. SHIB currently trades at $0.00002470. As a result, Shiba Inu has been up 4.13% over the previous 24 hours, with a trading volume of $973,046,583, ranking #14 with a live market capital of $13,575,317,421.

SHIB/USD 4-hour analysis: Recent developments

The Shiba Inu price analysis revealed the market following a solid bearish trend as the market volatility increases. Then, the market opens up, forcing the resistance and the support to move further away from each other; now, it is more prone to volatile change of either exchange. Consequently, the upper limit of the Bollinger’s band is present at $0.00002746, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002439, 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. Moreover, the price seems to move downwards, indicating a declining market. If the price and support meet, it will break the market and reverse the market trend.

Shiba Inu price analysis: SHIB starts to lose value at $0.00002470 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 41, making SHIB/USD fall in the lower-neutral region. However, the price follows a linear trend indicating a stable market and equivalence of buying and selling activity.

Shiba Inu price analysis for 1-day: Market closes

The Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow a declining trend, making Shiba Inu’s price less vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00003128, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002176, 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 a downward activity, showing signs of a decreasing market and a bearish regime.

Shiba Inu price analysis: SHIB starts to lose value at $0.00002470 2
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score to be 45, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower neutral region. Following a downwards approach signals devaluation and represents the selling activity exceeding the selling activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion

The Shiba Inu price analysis reveals the market following bearish movement, showing further bearish possibilities. The bears currently dominate the market and are likely to keep controlling. However, the market offers massive room for additional bearish activities, which will cause the price to depreciate further, leading to a bearish future.

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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