Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a crash and decreased to $0.00000843, from $0.00000983; on June 12, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.
Today, on June 13, 2022, the price has been experiencing a slight downtrend, causing the price of SHIB to remain under the $0.0000770 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.0000769 and has been down 11.97% in the last 24-hours with a trading volume of $540,885,318. SHIB currently ranks #16 with a live market cap of $4,280,837,192.
SHIB/USD 4-hour analysis: Recent developments
Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility increases, forcing the resistance and the support to open up, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, the Bollinger’s band’s upper limit is at $0.00001102, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00000767, which acts as the strongest support point for SHIB.
The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. However, the price is expected to continue toward a downward movement due to the current movement towards the support, as the price attempts to break the support soon.
Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 18 making SHIB/USD fall in the extremely devalued region. However, the RSI follows a further downward trend indicating a decreasing market and dominance of selling activities. However, the price has stayed under the devaluation threshold and is now susceptible to a complete reversal movement.
Shiba Inu price analysis for 1-day
Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00001263, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00000855, which acts as another resistance point for SHIB.
The SHIB/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. On the other hand, the price seems to follow a downward activity, showing a constantly decreasing market. Finally, the price has broken the support, which has caused a breakout in the market. The market dynamic has reversed as the volatility begins to increase, indicating the price of the cryptocurrency to change directions.
Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 23, signifying a significantly devalued cryptocurrency. Furthermore, the RSI falls under the undervalued threshold, which might cause a reversal. Therefore, following a slightly downward approach signals decreasing characteristics and represents the dominant selling activity, causing the RSI score to decrease.
Shiba Inu Price Analysis Conclusion
Shiba Inu price analysis reveals the market to have entered a complete bearish movement, showing room for future depreciation of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to maintain it. As a result, the market offers massive room for further declining activity, which could destabilize SHIB and lose more value. However, since the market is broken, we can assume that the bulls will take care of the market soon.
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Source: https://www.cryptopolitan.com/shiba-inu-price-analysis-2022-06-13/