Shiba Inu price analysis is somewhat balanced today, and the market seems very indecisive. It started with some healthy price action, after which SHIB/USD hit $0.00001250. However, the pump was short-lived and followed by a steep fall to $0.00001119 in a few hours.
Bullish signs can be seen in the market today at large. We can see in the crypto heat map that BTC has increased by 0.88 percent along with Ethereum around the same levels. Other currencies, such as Ripple and Cardano, are also slightly up.
However, Shiba Inu price analysis shows a lot of Indecisiveness. The current price of Shiba Inu is just around yesterday’s closing price, even though the market has been quite volatile today. Is this a sign that the bulls are already getting exhausted? Well, it certainly looks like that.
Shiba Inu 24-hour price movement: SHIB/USD is fairly volatile today
Shiba Inu has bounced up significantly from yesterday’s low of $0.00001175 and set a new resistance at $0.00001250. At the same time, we can expect to see strong support around the $0.00001171 mark.
So, we can say that Shiba Inu has been quite volatile today. However, despite being bullish for the most part, it looks like the market has now started to decline. The market cap has reduced by 0.67 percent and currently sits at $6,707,946,434. Similarly, the trading volume has also gone down by 0.83 percent.
It is just a matter of time before the bears take over and push the price further down. The resistance has particularly been strong in the last two days. Despite the market trying to pump up, the strong bearish momentum kept pulling it down after short intervals. So, the outlook is not very positive.
4-hour Shiba Inu price analysis: SHIB/USD gearing up to go downhill?
The 4-hour Shiba Inu price analysis chart gives us a clearer picture of what to expect. The last 4 hours have been somewhat bearish for Shiba Inu. Before that, we can see that SHIB/USD consistency pumped from $0.00001175 to $0.00001250 in line with the market’s bullish momentum.
But now we can see clear signs that the bullish momentum is getting exhausted. Shiba Inu has consolidated sideways in a range in the last few intervals. It is certain that the bearish momentum is slowly taking over; hence, we may not see overall positive price action in the next few hours.
Shiba Inu price analysis: Conclusion
The crypto market was predominantly bullish for the last 24 hours. However, the bulls have now become exhausted. The market conditions are not particularly bearish right now, but there is a clear indication that the bears can take over at any moment. It is not the best time to buy Shiba Inu if you are looking for a short-term hold.
The bear market certainly has not stopped crypto enthusiasts from making memes. Check out our recent article on the best crypto memes to lighten up your mood.
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