Shiba Inu price analysis: SHIB recovers at $0.00003131 after taking a steep plunge

TL;DR Breakdown

• The Shiba Inu price analysis is going bullish.
• Resistance for SHIB is present at $0.00003232.
• Support is still quite stable, around $0.00003064.

The Shiba Inu price analysis indicates a rise in the price levels commencing from the past few hours. The last hours have seen a considerable comeback from the bulls, which was made impossible by the bears to stand for long.

Like so, the bullish streak is not strong enough but is able to take the price levels to $0.00003131 of value. Further analysis shows that the support appeared for SHIB when the price went down to $0.00003085 and bulls rejected further downside, it can be expected that SHIB may continue to recover for the coming hours.

SHIB/USD 1-day price chart: SHIB price shows signs of recovery after a constant battle

The 1-day Shiba Inu price analysis shows a commendable rise in the price value today if a comparison is made with yesterday’s steep plunge. Bulls made an aggressive entry when the consolidation period ended on 5th February and elevated the price levels swiftly towards the $0.00003253 mark. However, price propulsion stopped at this point, and zigzag price action is visible on the charts for the last three days. Today’s price oscillation is also slow but is towards the bullish side now.

The volatility is high for the cryptocurrency as the expansion between the Bollinger bands has resulted in its upper value reaching the $0.00003349 value representing the strongest resistance for SHIB, and the lower value reaching the $0.00001526 value representing the strongest support. Lastly, the Relative Strength Index (RSI) score has also seen a rise today as well. The upwards curve is not steep but at least shows the bullish activity as the indicator trades at index 61.

Shiba Inu price analysis: Recent developments and further technical indications

The 4-hours Shiba Inu price analysis indicates the price breakup was downwards at the start of the trading session following the previous bearish lead that caused notable damage to the price value. However, a strong bullish activity was observed late at night when bulls took the price function to the current level of $0.00003131, turning the tables in their favor. But the price action of the last four hours is again downwards as the market pressure has appeared again.

The moving average in the 4-hours price chart is resting at $0.00003181 after crossing below SMA 50, which is a bearish indication. The volatility indicator is not showing any change in circumstances and shows mild volatility. The upper and lower values of the Bollinger bands are as such; the upper value is $0.00003420, while the lower value is $0.00002974. The RSI score has been hovering around index 54 but flattened up and seems like a lack of momentum from either side.

Shiba Inu price analysis conclusion

The Shiba Inu price analysis indicates that the bulls have turned the price function towards the green zone, but the momentum is not strong enough, and further recovery in SHIB price can be foreseen as well, but the RSI score indicates a small correction may take place if the market comes under pressure again.

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