Today’s Shiba Inu price analysis shows that the price is currently in a strong resistance area at $0.00002743. The trading price for Shiba Inu has dropped to about $0.00002074, which indicates that there is significant downward momentum in the market right now. Traders should be cautious and watchful of their positions as we could see more price volatility in the near future.
SHIB/USD 4-hour analysis: Recent developments
The four-hour Shiba inu price analysis chart shows that the price is currently in a strong resistance area at $0.00002743. The short-term moving average has also crossed below the long-term moving average, indicating that there is bearish momentum building in the market. There are potential breakout opportunities for bearish traders, but it is important to be cautious as we could see any sudden upward movements in the market.
SHIB/USD 4-hour price chart source: TradingView
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 37, making SHIB/USD fall in the devalued region. However, the RSI follows an upward trend indicating a positive market and dominant buying activities.
Shiba Inu price analysis for 1-day: Market loses momentum
The Shiba Inu price analysis for the 1-day timeframe shows that the market has formed a descending triangle pattern, which is a bearish reversal signal. The market seems to have lost its bullish momentum as the price approaches the horizontal line of support. If the price breaks below this level, it would invalidate the ascending trend line and open up more downside potential in the market.
SHIB/USD 1-day price chart source: TradingView
Based on the current price action in the Shiba Inu market, it seems that there is significant resistance at $0.00002743. Historically, this is an important support level that has held strong in previous price movements. However, we could see this level getting tested in the near future as there is a lot of selling pressure in the market right now. As traders, we will be keeping an eye on the $0.00003543 resistance level and look for price action confirmation signals to enter into new positions.
Overall, the Shiba Inu price analysis today suggests that there is still plenty of room for price growth in the long run. However, traders should be aware that there could be some volatility in the market over the coming days as we see some interesting price action unfold. As such, it is important to stay up-to-date with the latest news and developments surrounding Shiba Inu so that you can make more informed trading decisions.
Shiba Inu Price Analysis: Conclusion
In conclusion, it is clear from today’s Shiba Inu price analysis that there is significant resistance at the $0.00002743 level and that the current trading price for SHIB reflects a bearish sentiment in 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.
Source: https://www.cryptopolitan.com/shiba-inu-price-analysis-2022-05-04/