SHIB/USD set to spike higher today

TL;DR Breakdown

• The Shiba Inu price analysis is bullish today.
• Strong resistance at $0.00002826.
• The trading price of SHIB is $0.00002650.

SHIB has had a great run in the past 24 hours as the price surged by over 16%. However, it seems like the bulls are losing steam and the price might correct lower in the short term. Let’s take a closer look at technical analysis.

The Shiba Inu price is trading at $0.00002650 and is facing strong resistance at $0.00002826. If the bulls can push the price above this level, then we can expect a move to $0.00003000. On the downside, support is seen at $0.00002400 and if the price breaks below this level, it could fall to $0.00002100.

The RSI is currently in the overbought territory and is showing signs of a bearish divergence. This suggests that the price might correct lower in the short-term. Therefore, we recommend waiting for the price to correct lower before entering a long position. The target should be $0.00003000.

The Shiba Inu price analysis is bullish today with strong resistance at $0.00002826. The trading price of SHIB is currently $0.00002650 and if the bulls can push the price above this level, then we expect a move to $0.00003000. On the downside, support is seen at $0.00002400 and if the price breaks below this level, it could fall to $0.00002100. The RSI is currently in the overbought territory and is showing signs of a bearish divergence which suggests that the price might correct lower in the short-term. Therefore, we recommend waiting for the price to correct lower before entering a long position. The target should be $0.00003000.

SHIB/USD 4-hour analysis: Recent developments

SHIB has had a great run in the past 24 hours as the price surged by over 16%. However, it seems like the bulls are losing steam and the price might correct lower in the short-term. Let’s take a closer look at technical analysis.

The Shiba Inu price is trading at $0.00002650 and is facing strong resistance at $0.00002826. If the bulls can push the price above this level, then we can expect a move to $0.00003000. On the downside, support is seen at $0.00002400 and if the price breaks below this level, it could fall to $0.00002100.

The RSI is currently in the overbought territory and is showing signs of a bearish divergence. This suggests that the price might correct lower in the short-term. Therefore, we recommend waiting for the price to correct lower before entering a long position.

SHIB/USD 4-hour price chart source: TradingView

The Shiba Inu’s Relative Strength Index (RSI) score of 50 indicates a market that is falling. However, the RSI is moving slightly downward, indicating a weakening market and heavy selling.

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

The Shiba Inu price is trading at $0.00002650 and is facing strong resistance at $0.00002826. If the bulls can push the price above this level, then we can expect a move to $0.00003000. On the downside, support is seen at $0.00002400 and if the price breaks below this level, it could fall to $0.00002100.

The RSI is currently in the overbought territory and is showing signs of a bearish divergence which suggests that the price might correct lower in the short-term. Therefore, we recommend waiting for the price to correct lower before entering a long position with a target of $0.00003000.

SHIB/USD 1-day price chart source: TradingView

The price analysis for the Shiba Inu reveals a 57 on the Relative Strength Index (RSI), implying a stable cryptocurrency. Furthermore, the RSI is in the neutral territory. As a result of this, following a linear strategy suggests consistent characteristics and indicates that selling activity balances purchasing activity, keeping the RSI score constant.

Shiba Inu Price Analysis Conclusion

The Shiba Inu price analysis indicates the market has entered a full-fledged correction, providing potential for further Shiba Inu depreciation. The bulls currently dominate the market, and they are likely to lose control. As a result, there is a lot of room for additional declining activity in the market, which could throw SHIB into chaos and lose even more money.

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.