Shiba Inu Price Analysis: SHIB Price Falls 1.50% After Bullish Surge Hits Resistance

Shiba Inu Price Analysis: SHIB Price Falls 1.50% After Bullish Surge Hits Resistance

In the last 24 hours, the Shiba Inu (SHIB) price had a bullish run, sending the price to an intra-day high of $0.00002546. However, this resistance proved stiff to breach, resulting in a pullback in price, with bears plummeting SHIB to an intra-day low of $0.00002466, where support was held. As of press time, SHIB was trading at $0.00002484, a 1.50% decline from the 24-hour high. 

SHIB/USD 24-hour price chart (source: CoinMarketCap)
SHIB/USD 24-hour price chart (source: CoinMarketCap)

Accompanying this bearish trend, SHIB's market capitalization and 24-hour trading volume fell by 1.38% and 28.33%, respectively, to $14,673,226,549 and $345,777,464. Moreover, whales have shifted almost 2 trillion worth of Shiba Inu tokens in the last day. 

This is evidenced by the decreasing number of active addresses and new addresses.

This trend shows a conservative trend as the declining trend shows that fewer people are willing to participate in the market. In addition, according to the analyst Ali charts, this has been seen in the past week, where over 4 trillion $SHIB (the equivalent of $103 million) has been moved to crypto exchanges.

SHIB/USD Technical Analysis

With the Keltner Channel bands converging with the upper, middle, and lower bands touching at $0. 00002853, $0. 00002515, and $0.00002177, it is expected that Shiba Inu will soon undergo a phase of consolidation.

Nevertheless, given the fact that the price action has formed the red candlesticks below the middle line of the Keltner Channel, it is also possible for the price to move down if the support level is broken.

The Relative Strength Index (RSI) also indicates a bearish trend as it has crossed below its signal line with a reading of 49. This level suggests more opportunity for bearish action because the oversold levels (at 30) have not been breached. But if the buying pressure rises and the RSI turns upward, a bullish reversal can be expected.

SHIB/USD 24-hour price chart (source: TradingView)
SHIB/USD 24-hour price chart (source: TradingView)

Moreover, with the SHIB’s Know Sure Thing (KST) moving above its signal line with a rating of 59, bullish momentum may still have a chance at a comeback. Nevertheless, the KST proximity to the 0 lines shows that these possibilities will be slim in the near future, which will give room for more bear rallying.

This bear rally is supported by the Chaikin Money Flow (CMF) which is now in the negative zone, indicating that money is exiting the SHIB market. A bullish reversal can be expected if this trend changes and CMF turns positive, indicating that buying pressure is on the rise.

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