Shiba Inu price analysis: SHIB/USD shows no signs of a positive price action beyond $0.00001249

Shiba Inu’s price analysis today reveals an overall bearish pattern as its price hit a daily high of $ 0.00001249, but has since been back down to $ 0.00001212. This meme coin has been bearish for a week as its price dropped from $ 0.00001404.

Shiba Inu’s trading volume has decreased by 38% in the past 24 hours and its volume / market cap ratio is currently 0.05977. The price movement was also not very positive, as it fell by 28%.

But what does the future hold for this meme coin? Over the past three days, Shiba Inu’s price analysis has consolidated sideways and there is no indication that it will break to the upside in the short term.

Uncertainty for Shiba Inu is high and the bulls appear to be exhausted which is a consistent sentiment across the market.

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SHIB / USD 24 Hour Price Analysis – Shiba Inu continues to consolidate sideways

24 hour chart
TradingView Shiba Inu price chart

Nothing exciting has happened with Shiba Inu’s price movement in the past 24 hours. For the most part, price analysis reveals lateral consolidation with a somewhat stable RSI. So, we expect it to follow the same pattern for the next few hours.

However, it tested the support at $ 0.00001202 and successfully recovered. At the same time, the local resistance is set at $ 0.00001249.

The histograms on the MACD are currently in red after a crossover in the 16th hour. This indicates that the overall sentiment is still bearish. However, the market could build momentum for an uptrend in the next 24 hours. But considering the general market conditions, it is likely to be short-lived.

4-Hour Shiba Inu Price Analysis: High uncertainty on the move with general bearish sentiments

4 hour chart
TradingView Shiba Inu price chart

The 4-hour Shiba Inu price analysis provides a somewhat positive picture. The RSI is currently at 47 with a positive gradient, suggesting positive price action. However, the MACD lines are just gearing up for a crossover.

Will SHIB / USD be back to $ 0.00001249 soon? It looks unlikely for the next few hours as the indicators don’t paint a very positive picture. But as the RSI is not biased towards any of the extreme sides, we can expect Shiba Inu’s price analysis to continue bouncing between $ 0.00001249 and 0.00001202 per hour.

Shiba Inu Price Analysis: Conclusion

Not much can be concluded about Shiba Inu’s price analysis as the market continues to move sideways. The RSI and MACD indicators also do not paint an exact picture for future action. It looks like a tug-of-war between the bear and the bulls. Both sides can win.

But as the overall market sentiment is not very positive, it is safe to assume that we will not see any positive price action in the next 24 hours. A bear market is the best time to arm yourself with the knowledge needed to capitalize on the rally. Consider reading our complete guide on the best cryptocurrencies to buy in 2022.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com assumes no responsibility 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.

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