Shiba Inu Price Analysis 19/06: Bullish Pressure Drives SHIB Market as Buying Pressure Rises – Investor Bites

SNEAK PEEK

• Shiba Inu price analysis trades in a bullish trend after a sideways correction. 
• The coin is trading at $0.00007231 and has seen an increase of 0.48% in the past 24 hours. 
• The bulls and bears are active in the market as buying pressure rises and selling pressure remains low. 

The most recent Shiba Inu price analysis reveals that the coin has halted its sideways correction and is now trading in a bullish trend. The selling pressure and buying pressure both remain low, but the buying pressure is increasing. The coin is trading at $0.00007231, an increase of 0.48% in the past 24 hours. Despite some bearish pressure in the market, Shiba Inu has managed to sustain its bullish momentum and is now trading above the $0.000007200 level. 

SHIB/USD is facing strong rejection at $0.000007508, which was an intraday high, and if bullish pressure continues to accumulate, the coin could soon break above this level. On the other hand, if bearish pressure takes over again and the price breaks below $0.000007200 support, then we could see Shiba Inu dropping back into a downtrend. 

The daily trading volume reached 181 million dollars in the last few hours of trade, an increase of more than 86.76 percent from yesterday. This was a relatively encouraging day for the bulls. As a result, it can be inferred that there is significant purchasing pressure and that the market is moving steadily in favor of the bulls. The market cap of the coin has also increased to $4.25 billion, an increase of 0.35% from yesterday. 

The technical indicators on the hourly chart suggest a continuation of the bullish trend. The RSI is currently at 60.60, indicating that the market is near overbought territory, and if bullish pressure continues, the RSI may soon cross above 70. The Chaikin money flow score is 0.10, indicating increasing strength in the market. CMF has been below the 0 mark since the beginning of the day, but it has now started increasing.

The Bollinger bands on the 4-hour chart are slightly widening, which is a bullish sign. The market’s volatility has increased, and we will likely see more price action in the coming hours. The upper Bollinger band is currently at $0.00000739, which is an indication that the price may soon break above it if bulls persist, while the lower Bollinger band is at $0.00000659, indicating that the price may find support at this level if it falls back. 

Overall, Shiba Inu price analysis trades in a bullish trend, with bulls pushing the coin higher and bears unable to break the momentum. The strong buying pressure and rising market cap indicate that SHIB could grow further shortly. The sideways correction has been halted, and the coin is now trading bullishly. The technical indicators also favor bulls, suggesting that SHIB may soon break above the $0.000007508 resistance level. 

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-19-06/