Shiba Inu Price Analysis: SHIB/USD set to break above the daily resistance of $0.00002487

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • Strong resistance at $0.00002487.
  • Trading price of SHIB is $0.00002367.

Shiba Inu price analysis today is finally bullish after two days of consolidation and sideways trading. The price opened the day at $0.00002367 and hit a high of $0.00002412 in the first hour of trading before it consolidated and formed a symmetrical triangle pattern.

The bears took control of the market in the second half of the day and pushed the price down to $0.00002334. However, the bulls quickly regained control and pushed the price back to $0.00002367, where it currently trades.

SHIB/USD 4-hour analysis: Recent developments

The 4-hour chart shows that SHIB/USD is trading near the resistance of a descending triangle pattern. A breakout above this resistance could see the price move up to $0.00002555, while a breakdown below support at $0.00002367 could see the price fall to $0.00002305.

Shiba Inu price analysis: SHIB gains value at $0.00002367 1SHIB/USD 4-hour price chart source: TradingView

The RSI is currently in oversold territory and has formed a bullish divergence, which could see the price reverse and move up in the next 24 hours.

Overall, SHIB/USD is bearish for the next 24 hours but could see a quick rebound if the bulls can take control of the market.

Shiba Inu price analysis for 1-day: Market tightens

The Shiba Inu price is range-bound as the market tightens further. The bulls have failed to sustain the price above $0.000025 while the bears have not been able to push the price below $0.000023. A breakout of this range is likely in the next few hours which could see SHIB/USD move up to $0.000026 or down to $0.000022.ew

The RSI is currently at 41 and is showing no clear direction as the market consolidates further. However, a break below 40 could see the RSI move into oversold territory which would signal that the bears are in control of the market.

Shiba Inu price analysis: SHIB gains value at $0.00002367 2

SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis today is bullish after two days of consolidation and sideways trading. The price opened the day at $0.00002367 and hit a high of $0.00002412 in the first hour of trading before it consolidated and formed a symmetrical triangle pattern.

of the market in the second half of the day and pushed the price down to $0.00002334. However, the bulls quickly regained control and pushed the price up to $0.00002367 where it currently trades.

Shiba Inu Price Analysis Conclusion

Following a bullish trend in the Shiba Inu market, the price analysis reveals additional room for positive actions. As a result, the value of SHIB has a lot of potentials to increase over time, which should result in a favorable future. However, as indicated by the 4-hour analysis, there is also a hint of a reversal movement direction. Consequently, a proper stop-loss should be placed to avoid any potential losses.

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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