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Shiba Inu price analysis: SHIB maintains bearish trend at $0.00001049

Shiba Inu price analysis: SHIB maintains bearish trend at $0.00001049
TL;DR Breakdown
  • Shiba Inu price analysis is bearish today.
  • The strongest resistance is present at $0.00001214.
  • Shiba Inu trades at $0.00001049 at the time of writing.

Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market maintains a negative direction, declining the price of SHIB. After that, however, the cost of SHIB experienced a crash and decreased to $0.00001045, from $0.00001074; on June 9, 2022.

Today, on June 10, 2022, the price has been experiencing a slight downtrend, causing the price of SHIB to remain under the $0.00001050 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00001049 and has been down 1.41% in the last 24-hours with a trading volume of $198,784,862. SHIB currently ranks #16 with a live market cap of $5,763,453,868.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility decreases, forcing the resistance and the support to move closer, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, the Bollinger’s band’s upper limit is $0.00001081, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00001043, 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 178
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 41 making SHIB/USD fall in the stable region. As a result, the RSI follows a linear trend indicating a consistent market and equivalence of selling and buying 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 $0.00001214, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001005, 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 179
SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 35, signifying a slightly devalued cryptocurrency. Furthermore, the RSI falls in the undervalued region. Therefore, following a linear approach signals consistent characteristics and represents the equivalence of selling and buying activities, causing the RSI score to remain dormant.

Shiba Inu Price Analysis Conclusion

Shiba Inu price analysis reveals the market to maintain a complete bearish movement, showing room for stable characteristics of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to retain 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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