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Shiba Inu price analysis: SHIB increases value to $0.00001131 as the market enters bullish dominion

Shiba Inu price analysis: SHIB increases value to $0.00001131 as the market enters bullish dominion
TL;DR Breakdown
  • Shiba Inu price analysis is bullish today.
  • The strongest resistance is present at $0.00001129.
  • Shiba Inu trading price is $0.00001132 at the time of writing.

Today’s Shiba Inu price analysis displays complete bullish movement in the market, and the market moves towards a massive upward direction, raising the price of SHIB. After that, however, the cost of SHIB experienced a spike and increased to $0.00001133, from $0.00001094; on June 5, 2022, SHIB/USD gained further momentum and obtained a further increasing movement the following day.

Today, on June 6, 2022, the price has been experiencing a strong uptrend, causing the price of SHIB to move over the $0.00001130 mark. Furthermore, the cryptocurrency shows upside potential and is following an upward trend. SHIB currently trades at $0.00001132 and has been up 4.84% in the last 24-hours with a trading volume of $229,496,361. SHIB currently ranks #15 with a live market cap of $6,193,053,080.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market is following a bullish trend. However, the market volatility increases, forcing the resistance and the support to move apart from each other, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00001122, which acts as a support point for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001048, which acts as another 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 over the resistance band, causing a breakout in the market.

image 122
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 61, making SHIB/USD fall above the upper neutral region. However, the RSI follows an upward trend indicating a favorable market and dominance of buying activity. However, the market moves towards complete inflation.

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 $0.00001229, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001036, which acts as the strongest support for SHIB.

The SHIB/USD price appears to cross over the curve of the Moving Average, signifying a bullish 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 resistance band, causing a reversal in the market.

image 123
SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 40, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower-neutral 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 complete bullish movement, showing room for a reversal of Shiba Inu. Furthermore, the bulls currently dominate the market and are not likely to maintain it. As a result, the market offers massive room for further decreasing activity, destabilizing SHIB, and losing more value. As a result, since the market is expected to break, we can assume that the bears 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.

Narmin

Narmin

Narmin is a passionate fintech writer and blockchain enthusiast backed by extensive experience in psychology and statistics.

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