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Shiba Inu price analysis: SHIB endures a sharp decline at $0.00002358

SHIB

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • Strong resistance at $0.00003037.
  • Trading price of SHIB is $0.00002360.

The Shiba Inu price analysis displays a robust bearish movement in the market. It follows the general market sentiment in a negative direction, with a significant decrease in the price of SHIB. SHIB/USD continued its price slump from the previous day. The price of a unit of SHIB settled at $0.00002446 from the $0.00002494 recorded on March 5, 2022.

Today, March 6, 2022, the price plummeted significantly, causing the price of SHIB to move down to the $0.00002360 mark. Furthermore, the cryptocurrency exhibits the markers for a further decline as it continues to follow the downward trend in the market. SHIB currently trades at $0.00002360. Shiba Inu is down 0.34% over 24 hours, with a trading volume of $686,785,504, ranking #15 with a live market capital of $12,935,995,906.

SHIB/USD 4-hour analysis: Recent developments

The Shiba Inu price analysis revealed a bearish market trend as volatility decreases as the market closes, forcing the resistance and the support to move closer. This movement implies less susceptibility to volatile changes as prices move in either direction. Consequently, the upper limit of the Bollinger’s band sits at $0.00002572, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is at $0.00002328, 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 downward, indicating a declining market. The price appears to move towards the support, which, if broken, could break the market, causing the whole dynamic to shift. We can expect a bullish movement in the near future.

Shiba Inu price analysis: SHIB endures a sharp decline at $0.00002358 1
SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 37, making SHIB/USD fall in the undervalued region. However, the price follows a downward trend indicating a declining market and the dominance of selling activity, causing the RSI score to decrease significantly.

Shiba Inu price analysis for 1-day: Market squeezes

The Shiba Inu price analysis indicates 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 at $0.00003037, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002141, 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.

Shiba Inu price analysis: SHIB endures a sharp decline at $0.00002358 2
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 43, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower neutral region. Therefore, following a massive declining approach signals a decreasing market and represents the selling activity exceeding the buying activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion

The Shiba Inu price analysis reveals the market following a solid bearish movement, showing further bullish possibilities as the market marches towards a breakout. The bears currently dominate the market and are likely to keep controlling. However, the market has ample room for a reversal to a bullish 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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