Shiba Inu price analysis is bearish today.Strong resistance at $0.00002822.Trading price of SHIB is $0.00002334.
The Shiba Inu price analysis displays a bearish movement in the market. It follows the general market sentiment in a negative direction, with a significant decrease in the price of SHIB. SHIB/USD continued its price slump from the previous day. The price of a unit of SHIB settled at $0.00002228 from the $0.00002227 recorded on March 7, 2022.
Today, March 8, 2022, the price fluctuates significantly, causing the price of SHIB to move up to the $0.00002334 mark. Furthermore, the cryptocurrency exhibits the markers for further ups and downs as it continues to follow the downward trend in the market. SHIB currently trades at $0.00002334. Shiba Inu is up 1.21% over 24 hours, with a trading volume of $859,178,545, ranking #15 with a live market capital of $12,814,423,572.
SHIB/USD 4-hour analysis: Recent developments
The Shiba Inu price analysis revealed a bullish market trend as volatility slightly increases as the market opens, forcing the resistance and the support to move further away. However, this movement implies more vulnerability to volatile changes as prices move toward either extreme. Consequently, the upper limit of the Bollinger’s band sits at $0.00002483, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is at $0.00002242, 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. Moreover, the price seems to move upward, indicating an escalating market. Finally, the price appears to move towards stability.
SHIB/USD 4-hour price chart source: TradingView
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 45, making SHIB/USD fall in the lower neutral region. However, the price follows an increasing trend indicating a growing market and the dominance of buying activity, causing the RSI score to increase significantly.
Shiba Inu price analysis for 1-day: Market squeezes
The Shiba Inu price analysis indicates a bearish market. Moreover, the market’s volatility appears to follow a declining trend, making Shiba Inu’s price less vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is at $0.00002822, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002194, 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. On the other hand, the price seems to be following a downward activity, showing signs of a decreasing market.
SHIB/USD 1-day price chart source: TradingView
The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 43, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower neutral region. Therefore, following an upward approach signals an increasing market and represents the buying activity exceeding the selling activity, causing the RSI score to increase.
Shiba Inu Price Analysis Conclusion
The Shiba Inu price analysis reveals the market following a bearish movement, showing further bullish possibilities as the market marches show increasing characteristics. The bears currently dominate the market but will likely be taken out by the bulls as they offer good dynamics.
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