Shiba Inu (SHIB) price analysis reveals a continued bullish movement in the market, and the market is moving in a negative direction, significantly lowering the price of SHIB. As a result, the cost of SHIB experienced a huge depreciation in value to $0.00002261, from $0.00002447; on March 20, 2022, SHIB/USD switched to a rising move the next day.
Today, March 21, 2022, the price has been experiencing massive ups and downs, causing the price of SHIB to rise to the $0.00002322 mark just before falling slightly to $0.00002296. Furthermore, the cryptocurrency shows bullish potential and follows an uptrend. SHIB is currently trading at $0.00002296; as a result, Shiba Inu is down 4.21% over the previous 24 hours, with a trading volume of $1,039,795,971, ranking 15th with a live market cap of $12,553,905,479.
SHIB/USD 4 Hour Analysis: Recent Developments
Shiba Inu price analysis revealed that the market is following a downtrend as the market gets massive volatility, forcing resistance and support to break apart; now the price will follow the volatility to the extreme it decides, for now the price is becoming significantly more prone to volatile swings. Consequently, the upper boundary of the Bollinger band is present at $0.00002483, which acts as the strongest resistance for SHIB. On the contrary, the lower bound of the Bollinger Band is available at $0.00002115, which acts as the strongest support for SHIB.
The SHIB/USD price seems to be crossing below the moving average curve, which makes the market bearish. Also, the price appears to be moving lower, indicating a declining market.
SHIB/USD 4-hour price chart source: TradingView
Shiba Inu price analysis reveals that the Relative Strength Index (RSI) score is 50, causing SHIB/USD to drop into the upper neutral region. However, the price is following an upward trend indicating a growing market and the dominance of buying activity.
Shiba Inu 1-Day Price Analysis: Market Achieves Consistency
Shiba Inu price analysis has revealed a bull market. Additionally, the volatility of the market appears to be trending downwards, making the Shiba Inu price less vulnerable to fluctuations in volatility. As a result, the upper boundary of the Bollinger Band is present at $0.00002536, which serves as the major resistance for SHIB. On the contrary, the lower bound of the Bollinger band exists at $0.00002081, which acts as the strongest support for SHIB.
The SHIB/USD price seems to be crossing the moving average curve, which means a bullish move. On the other hand, the price seems to be following a linear activity, showing signs of a consistent market. The market seems to be very indecisive; however, based on our analysis, the bulls will prevail in the long run.
SHIB/USD 1-day price chart source: TradingView
Shiba Inu price analysis reveals the Relative Strength Index (RSI) of 46, signifying a stable cryptocurrency. Also, the RSI falls into the lower neutral region. Therefore, following a direct approach signals a sluggish market and represents selling activity equaling buying activity, causing the RSI score to decrease.
Shiba Inu Price Analysis Conclusion
Shiba Inu price analysis reveals that the market continues to move higher, showing slight bearish opportunities. As a result, the market offers enormous room to increase the value of SHIB, leading to a bullish future. However, the market also shows strong downside potential, as indicated by the 4-hour analysis. Only time will tell in which direction the meme cryptocurrency will turn.