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Shiba Inu price analysis: SHIB suffers devaluation at $0.00001054

Shiba Inu price analysis: SHIB suffers devaluation at $0.00001054
TL;DR Breakdown
  • Shiba Inu price analysis is bearish today.
  • The strongest resistance is present at $0.00001229.
  • Shiba Inu trades at $0.00001054 at the time of writing.

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 crash and decreased to $0.00001032, from $0.00001105; on June 6, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on June 7, 2022, the price has been experiencing a slight downtrend, causing the price of SHIB to remain under the $0.00001060 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00001054 and has been down 5.07% in the last 24-hours with a trading volume of $318,673,046. SHIB currently ranks #16 with a live market cap of $5,790,990,346.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility increases, forcing the resistance and the support to move apart, 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 the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001046, 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. However, the price is expected to continue toward a downward movement due to the current movement towards the support, as the price attempts to break the support soon.

image 143
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 39 making SHIB/USD fall under the stable region. However, the RSI follows a slight downward trend indicating a decreasing market and dominance of selling activities.

Shiba Inu price analysis for 1-day

Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow a decreasing 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 $0.00001024, 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 a downward activity, showing a constantly decreasing market. Finally, the price has been trying to break the support once again, which will cause a breakout in the market. The market dynamic will be shifted in the bulls’ favor and prove to be a silver lining.

image 144
SHIB/USD 1-day price chart source: TradingView

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 slightly downward approach signals decreasing characteristics and represents the dominant selling activity, causing the RSI score to drop.

Shiba Inu Price Analysis Conclusion

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.

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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