•SHIB/USD is currently priced at $0.000011 and has increased by 4.64% over the past day
•The trading volumes have increased by 35.41% over the past day
•The technical indicators suggest a positive outlook for the near term
Short Term View: Is the retracement coming to an end for Shiba Inu Price?
The Shiba Inu price today is $0.000011 USD with a 24-hour trading volume of $230,943,749 USD. Shiba Inu is up 4.64% in the last 24 hours. The trading volumes have increased over the past day amid a spike in buying activity whereas the Volume to Market Cap ratio stands at 0.03723 for the altcoin.
Shiba Inu Coin is currently in the midst of an uptrend as the short-term moving averages, both 20-day SMA, and 50-day, are currently acting as the resistance levels to achieve, with the Shiba Inu Price transacting above them. Barring an extended crypto rally, the first major resistance level placed at $0.000015 would likely cap any upside. In the event of an extended breakout, Shiba Inu could test resistance at $0.000020 before any pullback. On the flip side, the support level for Shiba Inu Coin is placed at $0.0000094 in the event of a resurgence in the selling pressure by the bears.
Long Term View for Shiba Inu Price
The technical indicators for Shiba Inu Coin implicate the presence of bullish powers at play as the RSI indicator has recovered from its recent oversold position and is currently transacting at 40.65. The RSI line has moved above the 14-day average line, which is also a major boost for the bulls. The gap between the MACD and signal lines is increasing on the daily MACD chart while Shiba Inu Coin prepares for a bullish divergence as the uptrend gains momentum. The green histograms are increasing in size as well, which lends credence to the bullish stance.
Conclusion
The technical indicators suggest that the Shiba Inu price may continue to range towards the north in the near future, yet the bearish trend cannot be completely nullified. Buyers need to be on the lookout for any bearish developments.
Support: $0.0000094-$0.0000080
Resistance: $0.000015-$0.000020
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.