The Shiba Inu price analysis reveals that the cryptocurrency has entered a bullish market but shows shaky signs of maintaining it. Although bulls came in very strong, they are starting to struggle to keep the positive momentum. Following yesterday’s trend, the price of SHIB has been fluctuating immensely, increasing and decreasing without a pattern, resulting in the price dropping from $0.00002198 to $0.00002177.
On February 2, 2022, the price declined again to the $0.00002140 mark and remained around that threshold. Soon after, the price declined and reached $0.00002154 while losing some of its value. SHIB currently trades at $0.00002254, with a trading volume of $462,251,562. SHIB has been down by 0.65% in the last 24 hours. SHIB currently ranks #15 with a live market cap of $11,796,473,381.
SHIB/USD 4-hour analysis: Latest developments
The Shiba Inu price analysis has revealed the market following a bearish trend with shrinking volatility, making the cryptocurrency’s price less vulnerable to volatile change. However, it seems the market has tightened the squeeze. The squeeze has remained consistent and will continue to stay resolute and indicate that the volatility will burst soon. The upper limit of the Bollinger’s band is present at $0.00002227, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00002063, which acts as the strongest support for SHIB.
The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bullish. As a result, the price has entered the bearish zone and is likely to continue with this momentum. For the last few hours, the Shiba Inu market has experienced a complete bullish trend, but it seems the bears have turned the tables on them and are now aiming for full control of the market.
The Relative Strength Index (RSI) score is 51, making the cryptocurrency fall in the upper neutral zone, showing no signs of devaluation or inflation. However, the RSI score seems to be moving upwards, signifying possible movement towards inflation and dominance of selling activity.
Shiba Inu price analysis for 24-hours: Will bulls hold?
The Shiba Inu price analysis has revealed a bullish market with bearish opportunities. Moreover, the market’s volatility appears to follow a decreasing trend, making Shiba Inu’s price less prone to volatile change. As a result, the upper limit of the Bollinger’s band is present at $0.00003156, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00001657, which acts as the strongest support for SHIB.
The SHIB/USD price appears to cross over the curve of the Moving Average, signifying a bullish movement. In addition, the support and resistance bands seem to be closing the gap between them, indicating a tightening market. However, if the bears manage to take over while the volatility decreases, bulls will stand no chance against them, and the bears will engulf the market in bearish dominance.
The Relative Strength Index (RSI) score is 34, signifying the devaluation of the cryptocurrency, and the RSI falls in the undervalued zone. However, the RSI appears to be following a linear trend indicating a conserved movement and the equivalence of selling and buying activities.
Shiba Inu Price Analysis Conclusion:
The Shiba Inu price analysis concludes that the cryptocurrency follows a rocky bullish trend. The cryptocurrency has shown many opportunities for bearish activity. The volatility decreases as bulls’ grip loosen on the market. The bears seem to be coming in very strong and might reverse the market dynamic soon.
