HomeAltcoinsShiba Inu price analysis: SHIB further depreciates to $0.00000906 after strong bearish...

Shiba Inu price analysis: SHIB further depreciates to $0.00000906 after strong bearish run

-


Today’s Shiba Inu price analysis displays a bearish movement in the market, and the market moves towards a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a crash and decreased to $0.00001047, from $0.00000915; on June 11, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on June 12, 2022, the price has been experiencing a further downtrend, causing the price of SHIB to remain under the $0.00000910 mark. Furthermore, the cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.00000906 and has been down3.60% in the last 24-hours with a trading volume of $465,687,513. SHIB currently ranks #17 with a live market cap of $4,988,580,176.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility decreases, forcing the resistance and the support to move closer, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, the Bollinger’s band’s upper limit is $0.00001113, which acts as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band is available at $0.00000853, which acts as the strongest support point for SHIB.

The SHIB/USD price appears to be crossing under the Moving Average curve, making the market bearish. However, the market shows immense reversal opportunities and possibly favors the bulls. However, the price is expected to continue toward an upward movement due to the current movement towards the support, as the price attempts to cross the moving average soon.

Shiba Inu price analysis: SHIB further depreciates to $0.00000906 after strong bearish run
SHIB/USD 4-hour price chart source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is31 making SHIB/USD fall in the undervalued region. Furthermore, the RSI follows a slight downward trend indicating a decreasing market and dominance of selling activities.

Shiba Inu price analysis for 1-day

Shiba Inu price analysis has revealed a bearish market. Moreover, the market’s volatility appears to follow an increasing trend, making Shiba Inu’s price more vulnerable to volatility fluctuations. As a result, the upper limit of the Bollinger’s band is present at $0.00001229, which serves as the strongest resistance for SHIB. Conversely, the lower limit of the Bollinger’s band exists at $0.00000935, which acts as another resistance point for SHIB.

The SHIB/USD price appears to cross under the curve of the Moving Average, signifying a bearish movement. On the other hand, the price seems to follow a downward activity, showing a constantly decreasing market. Finally, the price has broken the support once again, which will cause a breakout in the market. The market dynamic will be shifted in the bulls’ favor and prove to be a silver lining.

Shiba Inu price analysis: SHIB further depreciates to $0.00000906 after strong bearish run
SHIB/USD 1-day price chart source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 29, signifying a massively devalued cryptocurrency. Furthermore, the RSI falls in the undervalued region. Therefore, following a slightly downward approach signals decreasing characteristics and represents the dominant selling activity, causing the RSI score to drop.

Shiba Inu Price Analysis Conclusion

Shiba Inu price analysis reveals the market to have entered a complete bearish movement, showing room for future depreciation of Shiba Inu. Furthermore, the bears currently dominate the market and are likely to maintain it. As a result, the market offers massive room for further declining activity, which could destabilize SHIB and lose more value. The declining RSI suggests a soon reversed movement as the bulls try to fight back.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

LATEST POSTS

Stablecoin Issuer Tether Increases US Treasury Portfolio, Cuts Commerical Paper Holdings to Below $50M

The firm had said it plans to bring its commercial paper holdings to zero by the end of the year.

LTC/USD bearish as price slips to $52.76

Litecoin price analysis reveals that after a brief bullish surge, LTC has fallen back below the $53 level against the US dollar. The price...

Ether staking is too difficult, community members claim

Some are arguing that it would be healthy to admit that Ether staking is not for everyone yet. After the Ethereum network’s...

SOL shows stable dynamics at $32.2 after a bearish run

Solana price analysis shows that the coin has been facing a bearish trend in the market for the last 24 hours. The coin has...

Most Popular

spot_img