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Shiba Inu price analysis: SHIB obtains bullish momentum at $0.00001034

Shiba Inu price analysis: SHIB obtains bullish momentum at $0.00001034

TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • The strongest resistance is present at $0.00001177.
  • The strongest support is present at $0.00001014.

Shiba Inu price analysis displays complete bearish movement in the market; however, the market moves towards a massive upward direction, raising the price of SHIB. After that, however, the cost of SHIB experienced a spike and increased to $0.00001019, from $0.00001005; on October 16, 2022, SHIB/USD lost further momentum and obtained a further decreasing movement the following day.

On October 17, 2022, the price has been experiencing a strong uptrend, causing the price of SHIB to move over the $0.00001020 mark. Furthermore, the cryptocurrency shows upside potential and is following an upward trend. SHIB currently trades at $0.00001033 and has been up 0.68% in the last 24 hours with a trading volume of $132,186,286. SHIB currently ranks #15 with a live market cap of $5,683,050,428.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market is following a bearish trend. However, the market volatility decreases, forcing the resistance and the support to move towards each other, making the cryptocurrency’s price significantly less prone to volatility fluctuations. Consequently, Bollinger’s band’s upper limit is $0.00001038, which acts as the strongest resistance point for SHIB. Conversely, the lower limit of Bollinger’s band is available at $0.00001014, which acts as the strongest support point for SHIB.

The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. As a result, the price is expected to shift toward an upward movement over the resistance band, expecting to cross the moving average soon.

image 233
SHIB/USD 4-hour price chart Source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 51, making SHIB/USD fall in the central neutral region. However, the RSI follows an uptrend indicating an increasing market and dominance of buying activities.

Shiba Inu price analysis for 1-day

Shiba Inu price analysis has revealed a bullish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more susceptible to volatility fluctuations. As a result, Bollinger’s band’s upper limit is at $0.00001177, which serves as the strongest resistance for SHIB. Conversely, the lower limit of Bollinger’s band exists at $0.00000985, 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. As a result, the price seems to follow an upward activity, showing a constantly increasing market. Finally, the price attempts to break the resistance band, which might cause a reversal in the market.

image 234
SHIB/USD 1-day price chart Source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 39, signifying a slightly undervalued cryptocurrency. Furthermore, the RSI falls under the lower-neutral region. Therefore, following an upward approach signals increasing characteristics and represents the dominance of buying activities.

Shiba Inu Price Analysis Conclusion

Shiba Inu price analysis reveals the market to have entered a complete bullish movement, showing room for a reversal of Shiba Inu. Furthermore, the bulls have begun to dominate the market and are likely to maintain it. As a result, the market offers massive room for further increasing activity, stabilizing SHIB, and gaining more value. Furthermore, since the market is expected to break, we can assume that the bulls will soon take care of the market.

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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