Shiba Inu Price Analysis 01/08: Bearish Trends Plague SHIB Price, Investors Seek Stability – Investor Bites

SNEAK PEEK

• Shiba Inu price analysis shows a slightly bearish trend in the past few hours.
• SHIB/USD is currently trading at $0.00000830, down by 1.12 percent.
• Cryptocurrency is facing a strong rejection at the $0.000008688 level.

Today’s Shiba Inu price analysis indicates a bearish trend in the market after bulls failed to hold the $0.000008600 level. The SHIB market opened a trading section trading in bullish territory at $0.00000830 and moved up to a high of $0.000008476; however, the bulls soon lost their grip, and the price started declining. SHIB/USD is currently trading at $0.00000830, down by 1.12 percent in the past few hours.

The bulls face strong resistance at the $0.000008688 level, the previous high before the bears stepped in. A successful break above this level could open up further upside towards $0.00000900 and possibly even higher levels. On the other hand, if the bulls fail to push the price above this resistance, a bearish trend may continue, and SHIB/USD might drop to $0.00000800 or lower soon.

The trading sideways trend in the SHIB market could also be attributed to the lack of buying pressure and recent investor uncertainties, which have led to a decrease in trading activities. The bulls and bears are now locked in a tug of war, with neither side getting the upper hand as the price fluctuates between support and resistance levels.

The market capitalization of Shiba Inu currently stands at $4.88 billion, with a decrease of 1.26 percent in the past 24 hours, indicating a lack of buying pressure. However, the trading volume shows signs of recovery as it jumped up to $182 million in the past 24 hours, which could be a sign of an incoming trend reversal. The circulating supply of SHIB currently stands at 589,346,914,631,298 SHIB.

Looking at technical indicators, the 20-EMA is trading on a bearish trend as it recently crossed below the 50-EMA, indicating that selling pressure dominates the market. The MACD line also trades downward and has entered negative territory, confirming a bearish trend in the Shiba Inu market. The 20-SMA is currently trading parallel to the 50-SMA, highlighting a consolidation phase in the market.

The Bollinger bands on the 4-hour SHIB chart are narrowing, indicating reduced volatility in the market. This could signify accumulation before a bullish breakout as buyers accumulate coins at lower levels. The upper Bollinger band is currently at $0.00000863, while the lower Bollinger band is trading at $0.00000814; a break above or below either of these levels could indicate an incoming trend reversal.

The overall market sentiments for Shiba Inu remain bearish, with the bulls and bears in a tug of war. The support level at $0.000008238 could become a crucial pivot point soon; a break below this level could push SHIB/USD towards $0.000008000 or lower, while a successful break above the resistance at $0.000008688 could open up further upside potential for investors to capitalize on.

Disclaimer: Cryptocurrency price is highly speculative and volatile and should not be considered financial advice. Past and current performance is not indicative of future results. Always research and consult with a financial advisor before making investment decisions.

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• Source: https://investorbites.com/shiba-inu-shib-price-analysis-01-08/