SNEAK PEEK
- Shiba Inu price analysis shows a downtrend today in the bearish market.
- The SHIB token has lost 4.57 percent of its value in the last 24 hours
- Support for SHIB/USD is present at the $0.000008629 level.
Recent Shiba Inu price analysis shows the bears have been able to suppress the price levels below the $0.0000090 level during the latest downtrend. The bears are reigning the price charts as the price has decreased again during the day. Currently, it is settled on the $0.000008653 mark and is expected to decrease to an even lower level in the coming hours as well.
The bearish momentum is to extend in the future as well as the broader cryptocurrency market is indicating a downtrend. However, the bulls can still provide some support at $0.000008629 by holding off the bearish pressure and helping the token find stability. Currently, the resistance for SHIB/USD pair lies at the $0.000009067 level, which was breached a few hours ago; however, the bears have taken over and are likely to keep the price from crossing this level in the short term.
Looking at the 1-day price chart for SHIB Network price analysis shows the price has decreased quite steadily because of the constant increase in bearish momentum. Bears and bulls are in a tug of war, and at the current moment, the bears have managed to keep the price below the $0.000009067 level. The trading volume for the market is currently low at $126 million, which has led to a decrease in price. The market cap of the token is also low and stands at $5 billion.
The moving average (MA) value is still standing high as compared to the current price, i.e., $0.00000872. The SMA 20 curve is going higher as well because of the previous bullish trend. The Moving average convergence divergence (MACD) line is standing bearish with a value of 0.00000036 which indicates the bearish trend will continue in the near future as well. The Relative Strength Index (RSI) also confirms the bearish market sentiment as it stands at 34.68, way below the oversold level and signaling that there is more bearish pressure to come.
To sum up, Shiba Inu price analysis shows bearish market sentiment engulfing the token. The 4-hour and 1-day charts are showing signs of a bearish trend, with prices correcting down to $0.000009067 and expected to move lower in the future as well.
Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.
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- Source: https://investorbites.com/shiba-inu-shib-price-analysis-24-05/
