Shiba Inu Price Analysis 04/05: SHIB face resistance at $0.00001018 after a minimal recovery

Shiba Inu Price Analysis 04/05: SHIB face resistance at $0.00001018 after a minimal recovery

Time Stamp: May 4, 2023 5:01 AM

SNEAK PEEK

  • Shiba Inu price analysis shows an increase in the price action today.
  • SHIB has gained 0.40 percent in the past 24 hours.
  • Resistance and support levels are located at $0.000009839 and $0.00001018 respectively.

The most recent Shiba Inu price analysis favors the bulls since SHIB’s price has been steadily increasing in the past few hours and is currently trading at $0.00001001. The price has been on a bearish trend for the last few days and posted an intraday low of $0.000009839. However, it appears that SHIB has managed to find some support at $0.000009839 and is slowly recovering from its losses.

The green candlestick on the chart means that the bulls are in control of the market and SHIB may continue to rise in value. However, there is still strong resistance at $0.00001018 which could limit its gains but as the buying pressure increases, SHIB may break past this resistance level. However, if the buying pressure subsides, SHIB may fall back down towards $0.000009839.

As the buying pressure is increasing the trading volume of SHIB is also on the rise which is a good sign. Currently, the trading volume stands at $107,006,482

 having gained 18.04 percent in the past 24 hours. The market cap too has seen a rise and is currently at $5,904,373,787

.

Cryptocurrencies price heatmap, source: Coin360
Cryptocurrencies price heatmap, source: Coin360

The broader crypto market is exhibiting a similar bullish sentiment with other major cryptocurrencies such as Bitcoin, Ethereum, and Binance Coin showing signs of increasing in value. This could bode well for SHIB as it may be able to benefit from the overall positive sentiment in the market.

On the hourly chart, SHIB has shown a strong bullish pattern with the price crossing above its 20-day moving average. This indicates that the price of SHIB is likely to continue increasing in value in the near future. The bulls may take advantage of this momentum and try to push SHIB past its current resistance level at $0.00001018.

Technical indicators such as the relative strength index (RSI) are also showing positive signals with a value of 47.93 indicating that SHIB is still in a neutral state. This means that the current trend may continue and SHIB could recover the losses if the bulls remain in control. The Bollinger Bands also support this trend as the width of the bands is narrowing indicating that a price breakout could be imminent.

The daily chart confirms a bullish trend in SHIB with the bulls maintaining the lead since the price is progressing on a positive note. The Relative Strength Index (RSI) indicator has risen moving away from the oversold level which is a positive sign.

The Bollinger bands are also widening, indicating increasing volatility in the market. The upper band is currently at $0.00001160 and the lower band is at $0.00000944, indicating that SHIB may range between these levels in the near term.

Overall, SHIB faces resistance at $0.00001018 after a minimal recovery from its recent losses. The current bullish trend looks promising but the bulls must ensure that the buying pressure does not wane and SHIB is able to break through its resistance levels. If so, SHIB is likely to increase in value with a target of $0.00001037 in the near term.

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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