Shiba Inu (SHIB) Plummets beneath $0.00002060 – Price Analysis

  • Shiba Inu reflects a bearish outlook today.
  • Massive resistance stands at $0.00003324.
  • SHIB’s trading price is $0.00002056.

Shiba Inu’s price function unveils a bearish picture today. Moreover, bears discovered new momentum around a resistance they utilized to tighten the mark. Bulls appear to lose their favor in the markets. Indeed, bears control the market at the moment.

However, will they maintain their position? Meanwhile, Shiba Inu suffered a massive drop to hit $0.00002107 from yesterday’s level of $0.0000220. Nevertheless, SHIB extended its downward trends today.

Monday sessions had SHIB continuing its downswings. That had the meme coin losing a portion of its value within the past few days, dropping towards $0.00002056. While writing this blog, SHIB trades near $0.00002056, following a 6.3% drop within the past 24 hours.

SHIB/USD 4Hr Timeframe – Recent Developments

Shiba Inu’s outlook reveals the alt on a bearish bias as the market dips into a squeeze, narrowing the distance between support and resistance. Such a move makes SHIB less prone to volatile changes on either extreme.

As a result, the Bollinger band’s topside limits serve as crucial resistance for Shiba Inu at $0.00002217. Meanwhile, Bollinger’s bottom limit represents Shiba Inu’s support at $0.00002037.

Shiba Inu’s price seems to cross below the MA curve, confirming a bearish trend. That way, the SHIB price dipped into the bearish region again, highlighting a lower reversal probability. The price looks to adhere to downside moves, showing a potential move to break support level, translating to a massive reverse.

The Relative Strength Index score of 39 makes SHIB stand in the bottom neutral territory. Nevertheless, the indicator shows stability and buying momentum equaling selling activity as it adheres to a linear trend.

SHIB 1-Day Timeframe – Market Expands

Shiba Inu explores a bearish market. Furthermore, volatility seems to increase, making the alt more prone to volatility variations. With that, Bollinger’s top border at $0.00003324 shows SHIB’s substantial support. Meanwhile, Bollinger’s lower limit represents support at $0.00001660.

SHIB looks to cross beneath the MA curve, suggesting a bearish bias. Meanwhile, the price maintains a downside stance, eyeing support. If the assets crack this footing, it may see further plunges. The RSI’s score of 31 signifies undervalued conditions. Moreover, the Relative Strength Index stays in a depreciation zone.

Final Thought

Shiba Inu’s price outlook reveals a bearish bias. Nevertheless, the meme token presents lucrative dynamics for reverses. However, that will rely on bulls’ actions. Moreover, support might break in the coming hours, possibly translating to breakout, reversing market dynamics.

By Edward Richardson
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