Shiba Inu price analysis continues to show bullish signs for a third successive day as price posted a 9 percent increase on the daily chart to move as high as $0.00001178. Price now trades around 65 percent above the low point observed on June 13, 2022 with a Shooting Star pattern emerging on the daily price chart. However, the meme cryptocurrency has a short target at $0.00001350 and could face growing seller pressure around that point. SHIB has been trending upwards since the massive jump on June 21, 2022 that took price up to $0.00001189 and an extended continuation of the trend up to $0.0001437 would invalidate the bearish thesis.
The larger cryptocurrency market faced minor downtrends across the board over the past 24 hours, as Bitcoin struggled to maintain above $21,000. Ethereum also dropped to $1,200, whereas Altcoins showed similar signs. Cardano dropped 2 percent to $0.49, while Ripple dropped down to $0.36. Dogecoin rose 1 percent up to $0.07, whereas Litecoin made a significant 6 percent jump up to $59.61. Meanwhile Solana and Polkadot consolidated around $41.55 and $8.08, respectively.
Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360
Shiba Inu price analysis: 24-hour RSI shows bearish support level
On the 24-hour candlestick chart for Shiba Inu, price can be seen ascending upwards in an ascending triangle pattern. SHIB price is at a 65 percent increment from low swings earlier in the month, as price crossed the 50-day exponential moving average at $0.00001041. An ascend above $0.00001250 seems imminent over the next 24 hours, but also indicates that seller pressure may be increasing. The 24-hour relative strength index (RSI) is approaching deep into the oversold zone at 59.83, along with a rise of 9 percent in SHIB trading volume over the past 24 hours.
Shiba Inu price analysis: 24-hour chart. Source: Trading View
Among other bearish signs is the token’s low volume of transactions which do not show bullish signs. If corrected. SHIB price could fall back towards the $0.00001000 mark. The moving average convergence divergence (MACD) curve continues to form higher lows to stay above the neutral zone, but could fall drastically as soon as the market is short with the overreaching price. The bearish thesis could be invalidated if price breaches the $0.00001437 mark and begin to aim for targets in the $0.00001850 price zone which would record a 66 percent rise from current SHIB price.
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