SHIB/USD set to break above the $0.00002492.

TL;DR Breakdown

• Shiba Inu price analysis is bullish today.
• Strong resistance at $0.00002492.
• The Shiba Inu price is trading at $0.00002480 at press time.

The Shiba Inu price analysis is positive. There’s a significant barrier at $0.00002492, and the trading price of SHIB is presently about $0.00002480. If the market can push through this resistance, there is a possibility of an extended rally.

The Shiba Inu price is trading at $0.00002480 at press time. The 24-hour trading volume is $12.48 million, and the SHIB price has risen by 5.75% in the last 24 hours.

The Shiba Inu price is currently sitting at $0.00002480 after what looks to be a successful breakout from the descending triangle pattern that it had been trading in since mid-September.

The breakout occurred on 22 and at a price of $0.00002492 and since then, the price has been consolidating in a narrow range just below this resistance level.

The fact that the price has been able to hold above the previous support level of $0.00002450 is a bullish sign and suggests that the buyers are in control of the market.

The next level of resistance to watch for is $0.00002550, which is where the 200-day moving average is currently located. A break above this level could see the SHIB price target of $0.00002650 in the short term.

SHIB/USD 4-hour analysis: Recent developments

On the 4-hour chart, we can see that the bulls have been in control of the market since the breakout from the descending triangle pattern.

The next level of resistance to watch for is $0.00002550, which is where the 200-day moving average is currently located. A break above this level could see the SHIB price target $0.00002650 in the short term.

RSI is currently above 60 levels with a bullish divergence setup. The MACD indicator is also signaling a move to the upside as the fast-moving line (blue) has crossed above the slow-moving line (orange).

Shiba Inu price analysis for 1-day: Market starts to open

The Shiba Inu price analysis is bullish. The strong resistance is at $0.00002492, and the trading price of SHIB is around $0.00002480. The market starts to open, and the next level of resistance is at $0.00002550. A break above this level could see the SHIB price target of $0.00002650 in the short term.

SHIB/USD 1-day price chart source: TradingView

Selling pressure has been increasing over the past few days as the market starts to open. The next level of support to watch for is $0.00002450, which is where the descending triangle pattern breakout occurred. A break below this level could see the SHIB price target $0.00002350 in the short term.

Shiba Inu Price Analysis: Conclusion

The Shiba Inu market shows consistent dynamics, according to the price analysis. As a result, the market provides significant room for maintaining a positive trend. Dynamics on smaller timeframes can be ambiguous, so traders are advised to use extra caution when opening new positions.

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.