Shiba Inu price prediction: SHIB/USD is bearish for the next 24 hours

Summary

• Shiba Inu price prediction is bearish for today, down by 2.7%.
• The price of Shiba inu is currently at $0.00002601.
• On the 4-hour chart, the nearest support is at $0.00002121.

Shiba Inu price prediction: General price overview

While today’s Shiba Inu price prediction is pessimistic, prominent investors believe that future prices will continue to rise. The SHIB/USD price was unable to break through the resistance at $0.00003455 yesterday. As a result, the price began retreating towards the support level of $0.00002121.

At the time of writing SHIB/USD is trading at $0.00002936, According to data from CoinMarketCap.

Technical Indicators The RSI or Relative Strength Index for Shiba Inu on the daily time frame is at 51.21, which suggests that prices are in the bullish trend zone. The MACD indicates that prices will continue to drop further in the 4-hour time frame. If the digital currency fails to break through resistance at $0.00002566, then it is likely that bearish pressure will retake hold.

Therefore, today’s Shiba Inu price prediction implies that if the bulls do not succeed in breaching resistance at $0.00002566 today, the digital currency will drop further to the next support levels of $0.00002121 below that at $0.00002035 over the course of the day till tomorrow morning.

While prominent investors believe that prices will continue to rise in the future, today’s Shiba Inu price prediction is bearish.

Shiba Inu price Prediction four-hour chart: Technical indicators are still bullish

The technical indicators suggest that the Shiba Inu price will rise. The price has recently broken through the upper Bollinger Band, while the momentum in the Bands is still strong.

The price is just outside the range of support/resistance, which sets up a series of take-profit orders. The 100-day and 50-day Moving Averages are still below the price action. This indicates that the price movement is still bullish, and these crucial Moving Averages will serve as significant resistance levels.

4-hour chart by TradingView

The bulls attempted to push the prices higher, but they ran into resistance at $0.00002601. As a result, the support is once again under strain. According to CoinmarketCap’s data, trading volume fell by 22.78 percent, or $14.2 billion, to $14.2 billion across multiple exchanges. This has also led to a drop in the price of Shiba Inu.

Since yesterday, the prices have dropped by 2.7 percent today, as per Coinmarketcap’s data. At press time, the SHIB/USD price was $0.00002267 and has now fallen below its support levels at $0.00002121, the support level in the 4-hour time frame.

Shiba Inu Price Prediction: Conclusion

For today, our Shiba Inu price forecast may be drawn to a negative conclusion, but the coin has done exceptionally well in recent days. For the time being, altcoins are about to go off one after another, so we can anticipate price action to cool down for the moment.

Also, read our previous Shiba Inu and Polygon price predictions