TL;DR Breakdown
- Shiba Inu price analysis appears to be bearish.
- The strongest support is present at $0.00002839.
- The strongest resistance is present at $0.00003965.
The Shiba Inu price analysis shows that the price of SHIB/USD has diminished significantly over the past few days. With increasing volatility, the price suffers from a decline again; the price has reached the $0.00003150 mark after reaching the $0.00003154 on January 6, 2022, only to decline again to even below the $0.00002900 mark. The market remains bearish, which could lead to further decline. The cryptocurrency suffered a flash crash on January 7, 2022, which further declined the price of SHIB. However, with fluctuations, this may not be the case. The current price of SHIB/USD is $0.00002883.
SHIB/USD 4-hour price analysis: Market fluctuates as bears counter bulls
The Shiba Inu price analysis has revealed market volatility following an expanding movement which means the cryptocurrency’s price is becoming more prone to experience variable change on either extreme. The resistance and support bands appear to be moving away from each other, indicating increasing volatility. The upper limit of the Bollinger band is present at $0.00003439, which acts as the strongest resistance. The lower limit of the Bollinger band limit is available at $0.00002839, representing the strongest support.
The SHIB/USD price appears to be crossing under the Moving Average curve, signifying a bearish trend. The market has remained bearish for the past few days, but as the market’s volatility increased, we had hoped for a trend shift soon. Still, as the volatility has expanded to a colossal degree, the odds are in the bulls’ favor. It gives bulls a fighting chance against the bears, and if they seize this opportunity, then the market might be in their hands soon.
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) is 31, which means that cryptocurrency is slightly undervalued as of now. The bears have captured the market, but maintaining such a strong trend may be hard for them. A reverse movement is very likely. The RSI can be seen following a downwards approach that reflects the value of the cryptocurrency slowly declining in its value.
Shiba Inu price analysis for 1-day: The market maintains tight volatility
The Shiba Inu price analysis shows market volatility following a quiet trend, not showing signs of increasing or decreasing. This means that SHIB/USD prices subject to fluctuations will remain constant until the volatility shows signs of falling to either extreme. The upper limit of the Bollinger’s band exists at $0.00003965, which acts as the strongest resistance. The lower limit of the Bollinger’s band is available at $0.00002827, representing the strongest support.
The support and resistance bands appear to be near each other, indicating a tight market, which signifies a squeeze. This means that market volatility is likely to expand soon, allowing bulls to capture the market.
The SHIB/USD price appears to be crossing under the Moving Average curve, indicating a strong bearish trend. The market remains bearish, with low volatility. This may change in the coming days as all the observations from the carts show signs of a reversal in the market. The price path can be observed to be following a downwards movement and might cross under the lower limit of the Bollinger’s band, making the support another resistance point. This will signify a breakout in the market, indicating a future reverse trend.
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) is 34, which means that the meme cryptocurrency shows signs of being undervalued. The RSI can be seen following a downwards movement that reflects a declining market trend and small chances of a reversal.
Shiba Inu Price Analysis Conclusion: Dog days for the meme cryptocurrency
The Shiba Inu price analysis concludes that the cryptocurrency follows a strong bearish trend that might reverse soon. SHIB/USD lost a lot during its recent rise to the $0.00003150 mark; price reached $0.00003154 on January 6, 2022; however, the price has been struggling even for the $0.00002900 mark now. The price has been on a decline ever since then. The current price of Shiba Inu is $0.00002883. SHIB Market remains bearish, but chart analysis and all the signs observed indicate a reversal trend soon.
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Source: https://www.cryptopolitan.com/shiba-inu-price-analysis-2022-01-07/