Will Shiba continue its bear momentum?

• SHIB is a decentralized cryptocurrency. It was created by an anonymous group known as “Ryoshi”. 
• SHIB was launched in August 2023. Shiba Inu is a Japanese dog breed and it is also another meme cryptocurrency. 
• Let’s analyze the coin and gather some valuable information from it. 

SHIB initially was performing very well. On 27 October 2021, it started its downward journey.

According to forecasts, Shib is bearish and it is predicted to increase to $ 0.0₅7465 price level in today’s session.

APT is showing downtrend situations in the yearly time frame. Overall it is not a good investment at all. 

It was up by 547137.78 overall but it is fluctuating continuously due to changes in the price. In today’s session, it is down (0.10%) which is also changing every minute.

In this article, we will predict as well as analyze the price of APT through technical analysis.

Technical Analysis of SHIB

In the daily time frame, it is a downtrend position. It might continue to fall in the future. The coin is falling continuously so the chances of recovery are less.

The image indicates that the coin made a strong resistance trend. The coin was able not to break that trend. It never went above the line. 

According to Coincodex, the F & I Index(Fear & Greed Index) is showing 47(Neutral). The price volatility over the last 30 days was around 4.68%.

The pattern in the rectangle is known as “Three White Soldiers”. It indicates that the price will start to move up and the bear trend will come to an end.

But it failed 2 times in a row and continued to move in the down direction. It recorded 13/30 green days which is around 43% in the last 30 days.

The coin might go down by (7.29%) which means it can go down to a $ 0.0₅6921 price level by 26 September 2023.

The whales are disposing of tokens in large quantities which affects the price value of SHIB. 

Is it profitable to invest in SHIB?

No, it is not profitable to invest in SHIB as it decreased by (30.06%) last year and current market sentiments are bearish.

It is important to focus on both fundamental and technical analysis before buying or investing in the coin.

Investors should keep an eye on SHIB. As it might give a breakout any time.

Live chart

Summary

Through the technical analysis, we can conclude that the coin is performing not well in the yearly time frame.

In the daily time frame, it is in a downtrend position.

In the monthly time frame, according to Candlestick. It may move lower in the future due to the three black crows pattern. 

In the weekly time frame, it is in a sideways position. Overall it is good for long-term investment not for short-term investment.

Crypto investors should have proper knowledge about the cryptocurrency market. 

Levels

Resistance Level- $0.00000760
Support Level- $0.00000720

Disclaimer

The analysis is done for providing information through technical analysis and no investment suggestions are given in the article to be made by investors. 

The coins are unpredictable so investors should have proper knowledge. 

Cryptocurrencies are highly volatile and risky. Investment should be made with proper technical analysis.