- Shiba Inu price analysis is bearish today.
- Strong resistance at $0.00002702.
- SHIB’s trading price is $0.00002291.
Today’s Shiba Inu price analysis shows a bearish movement in the market, and the market is moving in a negative direction, which significantly reduces the price of SHIB. After that, however, the cost of SHIB suddenly dropped to $0.00002291, from $0.00002401; On Apr 24, 2022, SHIB/USD lost more momentum and made a massive down move the next day.
Today, April 25, 2022, the price has seen a massive downtrend, causing the price of SHIB to remain below the $0.00002300 mark. Furthermore, the cryptocurrency is showing downside risks and following a downward trend. SHIB is currently trading at $0.00002291 and is down 5.46% in the last 24 hours with a trading volume of $644,903,022. SHIB is currently ranked #15 with a live market cap of $12,584,955,139.
SHIB/USD 4 Hour Analysis: Recent Developments
Shiba Inu price analysis revealed that the market is following a strong downtrend. However, market volatility increases significantly, forcing resistance and support to separate, making the price of the cryptocurrency more prone to volatility fluctuations. Consequently, the upper boundary of the Bollinger band is present at $0.00002497, which acts as the strongest resistance for SHIB. On the contrary, the lower bound of the Bollinger Band is available at $0.00002309, which acts as another point of resistance for SHIB.
As we can see, the SHIB/USD price is moving below the support band, which now makes it part of the resistance. However, this also indicates that the market has broken down and is now on its way to a reversal move, hence the massive volatility.
The SHIB/USD price appears to be crossing below the moving average curve, which makes the market bearish. Also, the price starts a downward movement after breaking the support. If price and support cross, the market has been broken and the market dynamics have been reversed. Therefore, the market shows immense reversal opportunities and will possibly favor the bulls, and the price is expected to drift to the upside.
SHIB/USD 4-hour price chart source: Trading View
Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 29, causing SHIB/USD to fall in the undervalued region. However, the RSI is following a slight upward trend indicating a rising market and dominant buying activity. The rising RSI also indicates that a reversal is coming soon in the market.
Shiba Inu 1-Day Price Analysis: Market Loses Momentum
Shiba Inu price analysis has revealed a bear market. Also, the volatility of the market appears to be trending slightly downwards, making the Shiba Inu price less vulnerable to fluctuations in volatility. As a result, the upper boundary of the Bollinger band is present at $0.00002702, which serves as the strongest resistance for SHIB. On the contrary, the lower bound of the Bollinger band exists at $0.00002248, which acts as the strongest support for SHIB.
The SHIB/USD price appears to be crossing below the moving average curve, which signifies a bearish move. On the other hand, the price appears to be following further downward activity, showing a steadily declining market. Finally, the price tries to find support, causing a breakout in the market. If that were to happen, the market dynamics could change in favor of the bulls and prove to be a silver lining.
SHIB/USD 1-day price chart source: Trading View
SHIBA INU price analysis reveals the relative strength index (RSI) of 10, which means a stable cryptocurrency. Also, the RSI falls into the lower neutral region. Therefore, following a bearish approach indicates declining characteristics and represents selling activity dominating buying activity, causing the RSI score to decline.
Shiba Inu Price Analysis Conclusion
Shiba Inu price analysis reveals that the market has entered a fully bearish move, which shows room for further Shiba Inu depreciation. Furthermore, the bears currently dominate the market and are likely to hold it. As a result, the market offers huge room for further decline in activity, which could destabilize SHIB and lose more value. However, since the market is broken, we can assume that the bulls will take over the market soon.