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Shiba Inu price analysis: SHIB rejected at $0.00001100 as bearish pressure increases

Shiba Inu price analysis

TL;DR Breakdown

  • Shiba Inu price analysis suggests a downwards movement to $0.00001000
  • The closest support level lies at $0.00001044
  • SHIB faces resistance at the $0.00001083 mark

The Shiba Inu price analysis shows that SHIB has been unable to climb past the $0.000010800 mark as the bearish pressure increased in recent hours. However, volatility remains low as either side speculates, causing a drop in trading activity. 

The broader cryptocurrency market observes a bullish market sentiment over the last 24-hours as most major cryptocurrencies record negative price movements. Major players include NEO and ADA, recording a 7.01 and a 6.49 percent incline, respectively.

Shiba Inu price analysis: SHIB rejected at $0.00001100

Shiba Inu price analysis: SHIB rejected at $0.00001100 as bearish pressure increases 1
Technical indicators for SHIB/USDT by Tradingview

The MACD is currently bearish, as expressed in the red color of the histogram. However, the small height of the indicator suggests a low bearish momentum insignificant across the four-hour charts as volatility remains low as SHIB oscillates around the $0.00001075 mark. Moreover, the indicator’s lighter shade suggests a declining bearish momentum that may show a bullish convergence in the next few hours. 

The EMAs are currently trading close to the mean position as net price movement over the last five days remains low. Furthermore, as the price action stagnates at the $0.00001071 mark, the EMAs move horizontally with both converging rapidly to signify a lack of activity from either side of the market. Meanwhile, 

The RSI was trading in the neutral zone since 30 May as the price volatility for Shiba Inu dwindled across the short-term charts. Currently. The indicator trades close to the mean position at the 50.00 index unit level and hovers at 45.84. The indicator is currently moving horizontally, showing a lack of pressure from either side of the market. However, the neutral position leaves room for sharp activity in either direction. 

The Bollinger Bands are narrow at the moment and move horizontally as price volatility remains low across the short-term charts. At press time, the indicator’s mean line presents a resistance level at the $0.00001083 mark, while the bottom line provides support to the bulls at $0.00001044

Technical analyses for SHIB/USDT

Overall, the 4-hour Shiba Inu price analysis issues a sell signal with 14 of the 26 major technical indicators supporting the bears. On the other hand, two of the indicators support the bulls showing little bullish presence in recent hours. At the same time, ten indicators sit on the fence and support neither side of the market.

The 24-hour Shiba Inu price analysis shares this sentiment and also issues a buy signal with 15 indicators suggesting a downwards movement against only one indicator suggesting an upwards movement. The analysis reaffirms the bearish dominance across the mid-term charts while showing little to no buying pressure for the asset across the mid-term charts. Meanwhile, ten indicators remain neutral and do not issue any signals at press time.

What to expect from Shiba Inu price analysis?

Shiba Inu price analysis: SHIB rejected at $0.00001100 as bearish pressure increases 2
4-hour price chart by Tradingview

The Shiba Inu price analysis shows that after falling to the $0.000010500 mark, SHIB was unable to make a swift recovery, and the price action has been struggling to move beyond the $0.00001100 mark. Currently, the price has returned to the $0.00001060 mark, and further downwards movement is likely to follow. 

Traders can expect SHIB to observe a downwards breakdown as the bearish pressure escalates. Furthermore, due to a lack of buying activity, strong downwards movement can be expected. This suggestion is reinforced by the mid-term technical analyses suggesting a drop to the $0.0000100 level.

Bilal Ahmed

Bilal Ahmed

Bilal Ahmed is a blockchain enthusiast and an avid reader who loves writing about ramifications of blockchain and cryptocurrencies. He believes in doing due diligence with facts before transmitting.

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