Home
News
•SHIB/USD is currently priced at $0.000023 and has increased by 2.44% over the past day
•The trading volumes have decreased by 26.42% over the past day
•The technical indicators suggest a bearish outlook for the near term
Short Term View: Breakout above the resistance level to trigger a sharp upward movement
The Shiba Inu price today is $0.000023 USD with a 24-hour trading volume of $538,120,086 USD. Shiba Inu Coin is up 2.44% in the last 24 hours. The trading volumes have decreased over the past day, while the Volume to Market Cap Ratio stands at 0.04219 for the altcoin.
Major cryptocurrency tokens were nursing their wounds on Thursday, taking an upward turn. However, it is still a question of whether the rally will sustain or not amid the global economic gloom. In the short term, both the 20,50 SMA levels are above the current price levels and the asset needs to test these levels and be clear to certify a bullish trend. Shiba Inu will need to flip the resistance placed at $0.00003523 for the trend to be considered bullish. However, if the daily candle closes around the $0.0000020 mark, one can expect a decline to the nearest support at $0.00001695 within the next few days.
Long Term View for Shiba Inu
The RSI for Shiba Inu Coin is transacting below the half-line (at 42.23), signifying that buyers have exited the market. Hence there is no interim relief from the bearish divergence in the near term as the RSI yet again prepares to move towards the south. The constant fall in buying pressure has pushed the MACD and signal lines towards the negative zone, with the gap widening between the two. The red histograms further validate the bearish sentiment.
Conclusion
A slight uptrend could be possible in the coming weeks in Shiba Inu Coin as the attempt to nullify the bearish divergence may ease in the coming days.
Support: $0.00001695
Resistance: $0.00003523
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
ALSO READ: Retire Rich with NEAR Protocol (NEAR), STEPN Token (GMT), and Quitriam Finance (QTM)
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.
