- Shiba Inu price analysis is bearish today.
- SHIB/USD continues to retrace.
- SHIB/USD is trading at $0.00004780.
Today’s Shiba Inu forecast is bearish, as a fresh downside was established overnight, with no signs of slowing down in sight. As a result, we anticipate that the SHIB/USD pair will move to the $0.00004 level to test support for the third time. Although some minor recovery is expected here, expect the price to peak again at $0.00008 before a further drop.
The Shiba Inu market retraced after reaching the local high of 0.00000968 on Tuesday, as bears returned with an aggressive push this evening. Looking at the 4H chart below, we can see that the market fell below the 50EMA, which was acting as an overhead resistance for quite some time.
As a result of today’s drop, SHIB/USD has pushed lower against USD, marking a major milestone in its path to recovery. The market is currently finding support at 0.00000085, which looks to be the final destination for the drop.
Shiba Inu price movement in the last 24 hours: Shiba Inu continued to move lower
The Bollinger Bands on the 4H chart have contracted significantly, signaling a high degree of volatility in the market. This is certainly not an ideal environment for new traders to enter the market.
SHIB/USD 4-hour chart: SHIB targets $0.00006 previous support next?
On the 4-hour chart, we can see that bearish momentum is still vital for Shiba Inu price action, most likely resulting in the $0.00006 previous support later today.
The four-hour chart below shows that SHIB/USD has been moving along the 0 lines, confirming an uptrend. This is expected to continue as long as there are no significant drops in price or sudden changes in direction. The green boxes highlight our current best entry point for this market, with the red box marking the lowest possible value a long-term investor should expect to see on this market. The green box was determined by plotting the values of our Bollinger Bands indicator (20,2).
Finally, the 4H RSI indicator is currently at 42, which paints a neutral picture for this market. Shiba Inu is expected to reach $0.00006 in the next 24 hours but will likely find support around 0.00000085 before making any new upward move.
Shiba Inu Price Analysis: Conclusion
The Shiba Inu price is currently in the midst of the third test of $0.00006 support, which it has just passed for the first time earlier this week. The retracement was more sluggish this time around, implying that the $0.00006 mark will likely assist once again.
Disclaimer. The information provided is not trading advice.
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