TL;DR Breakdown
Shiba Inu price analysis is bearish today.The strongest resistance is present at $0.00003054.Trading price of SHIB is $0.00002061.
The Shiba Inu price analysis reveals that the meme cryptocurrency has opened in a bearish market but shows solid maintenance signs. Although bulls kept the market for a long time, they failed to maintain their momentum and lost to the bears. Following yesterday’s crash, the price of SHIB has decreased immensely, resulting in the price dropping from $0.00002182 to $0.00002073.
On February 3, 2022, the price crashed again to the $0.00002037 mark and remained around that threshold. Soon after, the price gained momentum and reached $0.00002061 while retaining some of its value. SHIB currently trades at $0.00002061, with a trading volume of $484,248,316. SHIB has been down by 3.88% in the last 24 hours. SHIB currently ranks #15 with a live market cap of $11,320,683,532.
SHIB/USD 4-hour analysis: Latest developments
The Shiba Inu price analysis has revealed the market following a bearish trend with shrinking volatility, making the cryptocurrency’s price less vulnerable to volatile change. However, it seems the market is starting to open the squeeze little by little. The squeeze has remained consistent for a while, and it’s about time the volatility burst. However, there are no apparent signs of the volatility increasing, but we hope that they will start to show soon. The upper limit of the Bollinger’s band is present at $0.00002215, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002033, which acts as the strongest support for SHIB.
The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bullish. As a result, the price has entered the bearish zone and is likely to continue with this momentum. For the last few hours, the Shiba Inu market has experienced a complete bullish trend, but it seems the bears have turned the tables on them and are now aiming for full control of the market.
SHIB/USD 4-hour price chart source: TradingView
The Relative Strength Index (RSI) score is 39, making the cryptocurrency fall in the upper neutral zone, showing no signs of devaluation or inflation. However, the RSI score seems to be moving downwards, signifying a further decline in the cryptocurrencys’ value.
Shiba Inu price analysis for 24-hours: Market closes
The Shiba Inu price analysis has revealed a bearish market with much room for further bearish opportunities. Moreover, the market’s volatility appears to follow a decreasing trend, making Shiba Inu’s price less prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.00003054, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001648, 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. In addition, the support and resistance bands seem to be closing the gap between them, indicating a tightening market. However, the previous speculations stand to be correct as the bears have taken control of the market and will likely continue to rule over it. As a result, the SHIB/USD price appears to move downwards, signifying further depreciation and strong bearish activity.
SHIB/USD 1-day price chart source: TradingView
The Relative Strength Index (RSI) score is 32, signifying the devaluation of the cryptocurrency, and the RSI falls in the undervalued zone. However, the RSI appears to be following a linear trend indicating a conserved movement and the equivalence of selling and buying activities.
Shiba Inu Price Analysis Conclusion:
The Shiba Inu price analysis concludes that the cryptocurrency follows a strong bearish trend. The cryptocurrency has shown much room for bearish activities. The volatility decreases as bears take over the market by storm; they seem to be coming in very strong and will likely hold the market for the long term.
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.
