TL;DR Breakdown
- Shiba Inu price analysis is bullish today.
- The strongest support is present at $0.00002819.
- Trading price of the Shiba Inu coin is $0.00003227.
The Shiba Inu price analysis reveals that the cryptocurrency has maintained a significantly bullish market which appears to have retraced its resistance. Although the movement has been positive the past week, bulls have kept it going. For example, following yesterday’s price spike, the price of SHIB increased significantly and reached $0.00003392 from $0.00003067 on February 9, 2022.
On February 10, 2022, the price remained under the $0.00003300 mark reached $0.00003307. Soon after, the price declined and reached $0.00003227 while losing its value. SHIB currently trades at $0.00003227, with a trading volume of $2,142,903,714. SHIB has been up by 3.23% in the last 24 hours. SHIB currently ranks #13 with a live market cap of $17,758,683,814, and a circulating supply of 549,063,278,876,302 SHIB coins.
SHIB/USD 4-hour analysis: Latest developments
The Shiba Inu price analysis has revealed the market following a shaky bullish trend with declining volatility, making the cryptocurrency’s price less vulnerable to volatile change. The upper limit of the Bollinger’s band is present at $0.00003526, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002819, which acts as the strongest support for SHIB.
The SHIB/USD price appears to be crossing over the Moving Average curve, making the market bullish. As a result, the price has entered the bullish zone, as the cryptocurrency has experienced an immense fluctuating period for the last few hours, which we can observe from the price chart. The price appears to move downwards, which may reverse the trend. For now, it indicates the devaluation of the cryptocurrency in a closing market.
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 63, making the Shiba Inu price fall in the overvalued zone, showing severe signs of inflation. However, the RSI score seems to follow a downwards path, signifying movement towards stability along with the devaluation of the Shiba Inu coin value. The decrease in the RSI score represents dominant selling activity.
Shiba Inu price analysis for 24-hours: SHIB/USD retraces resistance
The Shiba Inu price analysis has revealed a bullish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.00003284, which serves as a support point for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001498, which acts as another support point for SHIB.
The SHIB/USD price appears to cross over the curve of the Moving Average, signifying a bullish movement. In addition, the support and resistance bands seem to be opening the gap between them, indicating an opening market giving more room to the Shiba Inu price to move to either extreme. This shows that the bulls are eager to show consistency and will not give the market up to bears as easily as one might be led to believe.
The Relative Strength Index (RSI) score is 65, signifying cryptocurrency inflation, and the RSI falls in the overbought zone. However, the RSI appears to be following a downward trend pointing towards a decreasing market and dominance of selling activity.
Shiba Inu Price Analysis Conclusion:
The Shiba Inu price analysis concludes that the cryptocurrency follows a stable bullish trend, with the bulls trying their best to remain consistent. The cryptocurrency has gained more volatility, giving the Shiba Inu coin more room for activity on either extreme. However, that depends on how long the bulls can hold the market. The future of the market depends on the performance of the bulls, whether they can show consistency or perish at the hands of bears. If the bears make a strong comeback, we can expect a massive crash in prices.
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-2022-02-10/