TL;DR Breakdown
- Shiba Inu price analysis is bullish today.
- Strong resistance at $0.00002494.
- Trading price of SHIB is $0.00002490.
The Shiba Inu price analysis reveals a continued bullish movement in the market, and the market moves towards a significantly positive direction, increasing the price of SHIB significantly. However, the market is broken and might cause the cryptocurrency to lose tremendous value in the coming days. As a result, the cost of SHIB experienced a huge value increment and reached $0.00002498, from $0.00002314; on March 23, 2022, SHIB/USD continued on an increasing movement the following day.
Today, on March 24, 2022, the price has been experiencing massive ups, causing the price of SHIB to move up to the $0.00002481 mark just after declining slightly to $0.00002422. Furthermore, the cryptocurrency shows upside potential and is following an upward trend. SHIB currently trades at $0.00002490; as a result, Shiba Inu has been up 5.52% over the previous 24 hours, with a trading volume of $1,489,352,355, ranking #15 with a live market capital of $13,670,345,906.
SHIB/USD 4-hour analysis: Recent developments
The Shiba Inu price analysis revealed the market is following a bullish trend as the market increases volatility, forcing the resistance and the support to move apart from each other; now, the price will follow the volatility to whichever extreme it decides, for now, the price is becoming significantly more prone to volatile change. Consequently, the upper limit of the Bollinger’s band is present at $0.00002483, which acts as a support point for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002254, which acts as another support point for SHIB.
The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. Moreover, the price seems to move upward, crossing over the upper limit of the Bollinger’s Band. Consequently, breaking the market, a reverse trend is imminent now.
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 69 making SHIB/USD fall in the overvaluation region. However, the price follows an upward trend indicating an increasing market and dominance of buying activity. This will cause the cryptocurrency to become inflated entirely and start down reverse.
Shiba Inu price analysis for 1-day: Market starts to open
The Shiba Inu price analysis has revealed a bullish market. Moreover, the market’s volatility appears to follow an opening 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 $0.00002494, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002105, which acts as the strongest support for SHIB.
The SHIB/USD price appears to cross over the curve of the Moving Average, signifying a bullish movement. On the other hand, the price seems to be following an increasing activity, showing signs of a growing market. As a result, the price appears to move toward the resistance and has the potential to break it.
The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 55, signifying a stable cryptocurrency. Furthermore, the RSI falls in the upper neutral region. Therefore, following an upward approach signals an increasing market and represents the selling activity is inferior to the buying activity, causing the RSI score to increase.
Shiba Inu Price Analysis Conclusion
The Shiba Inu price analysis reveals the market following bullish movement, showing further room for positive activities. As a result, the market offers massive room for increment in the value of SHIB, leading to a bullish future. However, The market also gives certainty towards a reversal movement, as referenced in the 4-hour analysis, as the market breaks.
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Source: https://www.cryptopolitan.com/shiba-inu-price-analysis-2022-03-24/