Shiba Inu price analysis reveals an overall bearish pattern today as its price touched a day’s high of $0.00001249 but has since retraced lower to $0.00001212. This meme coin has been bearish for a week as its price dropped from $0.00001404.
The trading volume of Shiba Inu has gone down by 38 percent in the last 24 hours, and its volume to market cap ratio is currently sitting at 0.05977. Its price movement has not been very positive either, as it has decreased by 28 percent.
But what does the future hold for this meme coin? For the last three days, Shiba Inu price analysis has been consolidating sideways, and there is no indication of it breaking higher in the short-term period.
Uncertainty for Shiba Inu is high, and the bulls seem to be exhausted, which is a consistent sentiment throughout the market.
SHIB/USD 24 hours price analysis – Shiba Inu continues to consolidate sideways
Nothing exciting has happened with the price movement of Shiba Inu in the last 24 hours. For the most part, the price analysis reveals sideways consolidation with a somewhat stable RSI. So, we expect it to follow the same pattern for the next few hours.
However, it did test support at $0.00001202 and successfully bounced back. At the same time, the local resistance is set at $0.00001249.
Histograms on the MACD are currently lying in the reds after a crossover in the 16th hour. This indicates that the overall sentiment is still bearish. Although, the market may be accumulating momentum for an uptrend in the next 24 hours. But considering the overall market conditions, it is likely to be short-lived.
4-hour Shiba Inu price analysis: High uncertainty in movement with overall bearish sentiments
The 4-hour Shiba Inu price analysis gives a somewhat positive image. The RSI is currently sitting at 47 with a positive gradient, suggesting some positive price action. However, the MACD lines are just getting ready for a crossover.
Will SHIB/USD bounce back to $0.00001249 soon? It seems unlikely for the next few hours since the indicators are not painting a very positive picture. But since the RSI is not leaning towards either of the extreme sides, we can expect the Shiba Inu price analysis to continue bouncing between $0.00001249 and 0.00001202 for now.
Shiba Inu price analysis: Conclusion
Not much can be concluded about the Shiba Inu price analysis since the market continues to move sideways. The RSI and MACD indicators are not painting an exact picture for future action either. It looks like a tug-of-war between the bear and the bulls. Either side can win.
But since the overall market sentiment is not very positive, it is safe to assume that we will not see any positive price action in the next 24 hours. A bear market is the best time to arm yourself with the knowledge needed to capitalize during the bull. Consider reading our full-fledged guide on the best crypto to buy in 2022.
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