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Shiba Inu price analysis: SHIB bearish at $0.00002073

Shiba Inu price analysis: SHIB bearish at $0.00002073
TL;DR Breakdown
  • Strong resistance at $0.00002743.
  • The trading price of SHIB is $0.00002074.
  • Shiba Inu price analysis is bearish today

Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a flash crash and declined to $0.00001920, from $0.00002232; on April 30, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on May 2, 2022, the price has been experiencing a massive downtrend, causing the price of SHIB to remain under the $0.00002100 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00002076 and has been down 0.62% in the last 24-hours with a trading volume of $680,983,857. SHIB currently ranks #15 with a live market cap of $11,396,128,884.

SHIB/USD 4-hour analysis: Recent developments

The Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility decreases, forcing the resistance and the support to move closer, making the cryptocurrency’s price less prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00002290, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002010, which acts as the strongest support point for SHIB.

The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. The price is expected to shift toward an upward movement due to the current movement towards the support.

image 12
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 devalued region. However, the RSI follows an upward trend indicating a positive market and dominant buying activities.

Shiba Inu price analysis for 1-day: Market loses momentum

The Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00002743, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002050, 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 follow an upward activity, showing a constantly increasing market. Finally, the price attempts to meet the support, causing a breakout in the market. If that were to happen, the market dynamic could be shifted in the bulls’ favor and prove to be a silver lining.

image 13
SHIB/USD 1-day price chart source: TradingView

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 36, signifying a devalued cryptocurrency. Furthermore, the RSI falls in the undervalued region. Therefore, following a downward approach signals declining characteristics and represents the selling activity dominating the buying activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion

The Shiba Inu price analysis reveals the market to have entered a complete bearish movement, showing room for future depreciation of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to maintain it. As a result, the market offers massive room for further declining activity, which could destabilize SHIB and lose more value. However, s2743ince the market is broken, we can assume that the bulls will take care of the market soon.

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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