TL;DR Breakdown
The Shiba Inu price analysis is bearish today.Strong resistance at $0.00002794.The trading price of SHIB is $0.00002387.
Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. However, the cost of SHIB experienced a value decline and reached $0.00002355, from $0.00002514; on April 8, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.
Today, on April 9, 2022, the price has been experiencing massive ups and downs, causing the price of SHIB to remain under the $0.00002400 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00002387 and has been down 2.82% in the last 24-hours with a trading volume of $578,929,004. SHIB currently ranks #15 with a live market cap of $13,113,266,970.
SHIB/USD 4-hour analysis: Recent developments
The Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility decreases, forcing the resistance and the support to move toward each other, making the cryptocurrency’s price less prone to volatility fluctuations. Consequently, the upper limit of the Bollinger’s band is present at $0.00002547, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002360, which acts as the strongest support for SHIB.
The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. Moreover, the price seems to begin a downward movement after almost meeting the support. If the price and support meet, it will break the market and reverse the market dynamic. The market shows immense reversal opportunities as the support and price attempt to meet each other.
SHIB/USD 4-hour price chart source: TradingView
The Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 35, making SHIB/USD fall in the devalued region. However, the RSI follows a slight downward trend indicating a declining market and dominant selling activity.
Shiba Inu price analysis for 1-day: Market loses momentum
The Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow a slight opening trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00002794, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00002263, 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 follow further downward activity, showing a constantly decreasing market.
SHIB/USD 1-day price chart source: TradingView
The Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 44, signifying a stable cryptocurrency. Furthermore, the RSI falls in the lower neutral region. Therefore, following a linear approach signals stable characteristics and represents the selling activity equalizing the buying activity, causing the RSI score to remain constant.
Shiba Inu Price Analysis Conclusion
The Shiba Inu price analysis reveals the market to have entered a complete bearish movement, showing room for future depreciation of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to maintain it. As a result, the market offers massive room for further declining activity, which could destabilize SHIB and lose more value.
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