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Shiba Inu Price Analysis: SHIB/USD set to break above the intraday highs of $0.000051

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis is bullish today.
  • SHIB/USD is currently at $0.000049.
  • Lower high currently established.

Today’s Shiba Inu price analysis is bulish, as we anticipate another highly bullish day of trading for Shiba Inu has recorded a 2% price surge in the last 24 hours and is currently at $0.000049. The continuation of this bullish momentum will see SHIB/USD climb higher to record highs above $0.00006 as new investors flock to take advantage of this historic low offering price point on such a high volume cryptocurrency as Shiba Inu.

The very short-term price analysis shows that the market has established a new lower high at around 0.000049satoshi and currently seems to be heading towards establishing very short-term support at approximately 0.00004870 satoshis before it will head again towards higher levels of resistance.

A break down below this level would require an injection of volume into the market that is not present currently, which means that SHIB/USD may surge to record highs in the next 24 hours if the current momentum continues.

The very short-term price analysis shows that the market has established a new lower high at around $0.000049 and is currently heading towards establishing very short-term support at approximately $0.00004870 before it will head again towards higher levels of resistance. A break down below this level would require an injection of volume into the market, which is not present currently; therefore, we may see another surge to record highs in the next 24 hours if the current momentum continues.

SHIB/USD 4-hour chart: SHIB retraces back above $0.000045

On the hourly chart, we can see Shiba Inu buying pressure building as another low must be achieved before further appreciation.

Shiba Inu Price Analysis: SHIB/USD set to break above the intraday highs of $0.000051 1
SHIB/USD 4-hour chart. Source: TradingView

The Shiba Inu price has been moving lower since late October, and the bearish trend appears to be continuing. The $0.000045 support was broken several times during the last weeks as new lows were established.

The MACD line has crossed over the red signal line and is heading downwards, which means that Shiba Inu is currently in a bearish momentum and may continue to decline. Although the price was rejected at $0.000045, it has risen to $0.000049 again already, and we may see another push lower towards $0.000044 or even lower if this move continues.

On the upside, we expect resistance at around $0.000053 and higher until the market dips below the $0.000040 support level, where buying pressure will result in a price retracement upwards again. Volume intraday is low but on an upward trend; hopefully, more buyers will come into the market soon.

As expected, Shiba Inu has been affected by the BTC bull run and retraced upwards to show strength. This usually happens as new crypto investors come into the market and short-term price pumps occur, leading to a false signal in an upward trend. The current breakout may be the first indication of the following long-term uptrend. Still, it should be followed with confirmation from other altcoins before drawing further conclusions about this possible move up.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bulish today as we anticipate another highly bullish day of trading for Shiba Inu. SHIB/USD has recorded a 2% price surge in the last 24 hours and is currently at $0.000049, resulting in yet another strong day of buying volume, which will see SHIB/USD climb higher to record highs above $0.00006+ as new investors flock to take advantage of this historic low offering price point on such a high volume cryptocurrency as Shiba Inu.

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.

Editah Patrick

Editah Patrick

Editah is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates her, she finds the intersection of both technology and finance mind-blowing. Her particular interest in digital wallets and blockchain aids her audience.

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