TL;DR Breakdown
Shiba Inu price analysis is bullish today.SHIB/USD is currently trading at $0.00003135.SHIB/USD is now bullish.
The Shiba Inu price is on the rise today, as a new low was established above $0.000025 yesterday. As a result, we expect SHIB/USD to continue rising and possibly break through the $0.00003 support level.
We can see that SHIB/USD has enjoyed a bullish run over the past seven days, beginning at $0.0000222 and rising to a high of $0.00004775 before declining to its current price range-bound for the previous few days after reaching this peak point.
Soon, the technical indicators are suggesting that a rise is on the way. The RSI reading for SHIB/USD is presently 48.8, which indicates that neither the market conditions nor the indicator itself are oversold or overbought, suggesting that a bullish trend may soon develop.
The 7-day EMA (blue line) has surpassed the 21-day EMA (purple line), implying that the market is turning bearish. Assume that this bullish momentum pushes price action forward. In that case, we expect it to break through resistance at $0.00003 and rise until it reaches the $0.00007 level.
As the market’s buying momentum continues to grow, we could see SHIB/USD achieve a price of at least $0.00003 in the near future.
The market is also trading above its 20 and 50-day moving averages, which signals a bullish outlook for the near future.
We find it promising that SHIB/USD has not experienced any significant declines in recent weeks and remain confident in an upcoming price increase.
SHIB/USD 4-hour chart: SHIB looks to break $0.00003 local resistance?
On the 4-hour chart, Shiba Inu price action is exhibiting solid bullish momentum, implying that we may see a higher set later today.
SHIB/USD 4-hour chart. Source: TradingView
The $SHIB/USD pair is currently in a range around the $0.00003 resistance level, where another bullish obstacle may be expected to develop. A breakout above this point could lead SHIB/USD to its next resistance at $0.0000732, which is about 2x today’s price. The market will need time to break through to the upside today, so we may see a period of sideways trading within this range before SHIB/USD can continue its bullish trend.
Today’s price action is looking positive for Shiba Inu coin. We are waiting for an answer from the bulls, which should come soon. If you are interested in buying Shiba Inu coins, you should wait for the current consolidation to end, so that the market becomes more favorable for trading.
Yesterday’s candlestick closed within the $0.000025 range, just above the 21 moving average lines acting as a support zone. That was an indication that bulls are coming back into this market and may push prices higher in the next 24 hours.
Shiba Inu Price Analysis: Conclusion
Today’s Shiba Inu price analysis is bullish. SHIB/USD rose to a new high of $0.000025, establishing a higher low. Momentum has returned today. The Shiba Inu price is on the rise today, as a higher low was established above $0.000025 yesterday, suggesting another increase soon.
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