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Shiba Inu price analysis: SHIB starts to gain positive momentum at $0.00001242

Shiba Inu price analysis: SHIB starts to gain positive momentum at $0.00001242
TL;DR Breakdown
  • Shiba Inu price analysis is bearish today.
  • The strongest resistance is present at $0.00002541.
  • Shiba Inu trades at $0.00001243.

Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a slightly upward direction, raising the price of SHIB little by little. After that, however, the cost of SHIB experienced a flash crash and declined to $0.00002159, from $0.00001193; on May 16, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on May 17, 2022, the price has been experiencing a massive downtrend, causing the price of SHIB to remain under the $0.00001300 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00001242 and has been up 3.65% in the last 24-hours with a trading volume of $481,227,520. SHIB currently ranks #15 with a live market cap of $6,840,558,201.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following an uncertain bearish trend. However, the market volatility decreases, forcing the resistance and the support to move towards each other, making the cryptocurrency’s price less prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00001296, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001153, which acts as the strongest support point for SHIB.

The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. As a result, the price is expected to shift toward an upward movement toward the resistance band.

image 281
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 47, making SHIB/USD fall in the central neutral region. However, the RSI follows a linear trend indicating a favorable market and equivalence buying and selling activities.

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

Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow a downward trend, making Shiba Inu’s price less vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00002541, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00000892, 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 cross the moving average, causing a reversal 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 282
SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 33, signifying a devalued cryptocurrency. Furthermore, the RSI falls in the undervalued region. Therefore, following an upward approach signals increasing characteristics and represents the dominance of buying activity.

Shiba Inu Price Analysis Conclusion

Shiba Inu price analysis reveals the market to have entered a partial bearish movement, showing room for a reversal of Shiba Inu. Furthermore, the bears currently dominate the market and are not likely to maintain it. As a result, the market offers massive room for further increasing activity, stabilizing SHIB, and gaining more value. However, since the market is expected to break, we can assume that the bulls will soon take care of the market.

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.

Moses Kimathi

Moses Kimathi

Moses is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.

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