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Shiba Inu price analysis: SHIB/USD bearish for the next 24 hours

Shiba Inu price analysis

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 trading price sits at $0.00002360 with a 24-hour volume of $496,903. Resistance can be found at $0.00003037, followed by $0.00003446.

The trading price sits at $0.00002360 with a 24-hour volume of $496,903. Resistance can be found at $0.00003037, followed by $0.00003446. The MACD shows a strong bearish crossover, while the RSI is in oversold territory. Overall, SHIB is expected to continue its downtrend in the next 24 hours.

Yesterday, 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 near market close, forcing the resistance and support to move closer. This movement indicates less sensitivity to volatile changes as prices go up or down. As a result, the upper limit of the Bollinger band is set at $0.00002572, which serves as a resistance level. The lower limit is set at $0.00002224, acting as a support for the market trend.

The RSI dipped below 50 and is expected to rebound soon, while the MACD histogram remains in negative territory, indicating that the bearish pressure is still dominant in the market. A break above the resistance could take SHIB up to $0.00002700, while a break below the support could result in a price of $0.00002100.

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.

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.

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.

William Suberg

William Suberg

William Suberg is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. William is a lover of sports.

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