Shiba Inu price analysis is in favor of bears today as the price is again decreasing today after a rallying high yesterday. Bulls made a good recovery during the last two days, and SHIB recovered well, gaining significant value, especially since yesterday’s spike was quite notable, which washed out the losses incurred during the past week as the price touched the $0.00001467 level. However, the rally was short-lived as bears stepped in and brought the price down sharply today.
The SHIB/USD is now facing selling pressure at the $0.00001412 level and is trading lower by 3.28%. The market cap for cryptocurrency has also reduced by 3.26% as it stands at $7.7 billion. The 24-hour trading volume for SHIB is currently standing at around $476,181,879 with a 42 percent decrease from yesterday.
Shiba Inu price analysis 24-hour chart: SHIB/USD is trading at a high of $0.00001412
The 1-day Shiba Inu price analysis shows the bears are trying to smash the $0.00001389 support as the price continues oscillating downwards. Previously there have been ongoing variations in the market trends, but these continual encounters have finally ended up with the bears at the lead, as the price has covered downward movement, and a sort of market crash has been observed today.
Further, the bears have pushed the price below both its 20-day EMA ($0.00001238) and 50-day EMA ($0.00001331) as the bulls face extreme pressure. The RSI has also decreased to an index of 69.15 as well as the indicator is trading at a steep downward curve. The MACD is also in the bearish zone as it is currently trading below the signal line.
Shiba Inu price analysis 4-hour chart: SHIB is on its way to the $0.00001389 support
The bears are once again at the upper position, according to the four-hour Shiba Inu price analysis. The downtrend has caused the price to move down to the $0.00001412 level, as the cryptocurrency underwent severe loss. The price function has been downwards for the last 24 hours as the bearish momentum has gained strength.
The 4-hour Shiba Inu price analysis shows that the bears have gained control of the market as they have pushed the price down below both its moving averages (the 20-day EMA and 50-day EMA). The 9-EMA is also trending downwards which is a sign of an extended bearish trend. The RSI index has fallen to 60.11, indicating the increasing selling pressure in the market. The moving average convergence divergence indicator is on a downtrend as well, as it is trading below the signal line.
Shiba Inu price analysis conclusion
Overall, Shiba Inu price analysis shows that the bears are in control of the market and are trying to push the coin down to the $0.00001389 support level. The indicators also point towards a bearish trend in the coming days, thus making it difficult for bulls to make a comeback.
