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Shiba Inu price analysis: SHIB declines to $0.00001101 after strong bearish influence

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Shiba Inu price analysis displays a bearish movement in the market, and the market moves in a negative direction, declining the price of SHIB significantly. After that, however, the cost of SHIB experienced a crash and decreased to $0.00001115, from $0.00001162; on October 06, 2022, SHIB/USD lost further momentum and obtained a massive decreasing movement the following day.

Today, on October 7, 2022, the price has been experiencing a slight downtrend, causing the price of SHIB to remain under the $0.00001110 mark. The price experienced a flash crash and reached $0.00001101. Furthermore, cryptocurrency shows downside risks and is following a downward trend. SHIB currently trades at $0.0001101 and has been down 2.40% in the last 24 hours with a trading volume of  $177,947,501. SHIB currently ranks #16 with a live market cap of $6,038,546,887.

SHIB/USD 4-hour analysis: Recent developments

Shiba Inu price analysis revealed the market following a solid bearish trend. However, the market volatility increases, forcing the resistance and the support to open up, making the cryptocurrency’s price more prone to volatility fluctuations. Consequently, Bollinger’s band’s upper limit is at $0.00001169, which acts as the strongest resistance for SHIB. Conversely, the lower limit of Bollinger’s band is available at $0.00001100, 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. Therefore, the market shows immense reversal opportunities and possibly favors the bulls. However, the price is expected to continue toward a downward movement due to the current movement towards the support, as the price attempts to break the support soon.

image 90
SHIB/USD 4-hour price chart Source: TradingView

Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 37 making SHIB/USD fall in the lower-neutral region. However, the RSI follows a further 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 a decreasing trend, making Shiba Inu’s price less vulnerable to volatility fluctuations. As a result, the upper limit of Bollinger’s band is present at $0.00001163, which serves as the strongest resistance for SHIB. Conversely, the lower limit of Bollinger’s band exists at $0.00001048, which acts as the strongest support point for SHIB. It seems the market has found strong resistance at $0.00001163.

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 attempts to break the support, which might cause a breakout in the market, reversing it completely.

image 91
SHIB/USD 1-day price chart Source: TradingView

Shiba Inu price analysis reveals the Relative Strength Index (RSI) score of 44, signifying a stable cryptocurrency. Furthermore, the RSI falls in the central-neutral threshold, which might cause a reversal. Therefore, following a downward approach signals decreasing characteristics and represents the dominant selling activity, causing the RSI score to decrease.

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. However, since the market is broken, we can assume that the bulls will take care of the market soon.

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.

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