Shiba Inu price analysis: SHIB experiences a massive decline at $0.00002358

TL;DR Breakdown

• Shiba Inu price analysis is bearish today.
• Strong resistance at $0.00003037.
• Trading price of SHIB is $0.00002360.

The Shiba Inu price analysis displays a robust bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. As a result, the cost of SHIB experienced a value decrease and reached $0.00002446, from $0.00002494; on March 5, 2022, SHIB/USD continued a declining movement the following day.

Today, on March 6, 2022, the price plummeted significantly, causing the price of SHIB to move down to the $0.00002360 mark. Furthermore, the cryptocurrency shows further declining potential and follows a downward trend. SHIB currently trades at $0.00002360. As a result, Shiba Inu has been down 0.34% over the previous 24 hours, with a trading volume of $686,785,504, ranking #15 with a live market capital of $12,935,995,906.

SHIB/USD 4-hour analysis: Recent developments

The Shiba Inu price analysis revealed the market following a bearish trend as the market volatility decreases as the market closes, forcing the resistance and the support to move closer to each other; now, it is less prone to volatile change of either exchange. Consequently, the upper limit of the Bollinger’s band is present at $0.00002572, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002328, which acts as the strongest support for SHIB.

The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Moreover, the price seems to move downward, indicating a declining market. The price appears to move towards the support, which, if broken, could break the market, causing the whole dynamic to shift. We can expect a bullish movement in the near future.

The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 37, making SHIB/USD fall in the undervalued region. However, the price follows a downward trend indicating a declining market and the dominance of selling activity, causing the RSI score to decrease significantly.

Shiba Inu price analysis for 1-day: Market squeezes

The Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow a declining trend, making Shiba Inu’s price less vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00003037, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002141, which acts as the strongest support 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 be following a downward activity, showing signs of a decreasing market.

The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 43, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower neutral region. Therefore, following a massive declining approach signals a decreasing market and represents the selling activity exceeding the buying activity, causing the RSI score to decrease.

Shiba Inu Price Analysis Conclusion

The Shiba Inu price analysis reveals the market following a solid bearish movement, showing further bullish possibilities as the market marches towards a breakout. The bears currently dominate the market and are likely to keep controlling. However, the market offers massive room for a reversal, leading to a bullish future.

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