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Shiba Inu Price Analysis: SHIB slowly reverses below $0.00003, retracement to follow?


TL;DR Breakdown

  • Shiba Inu price analysis is bearish today.
  • SHIB/USD resisted by $0.00003.
  • Closest support at $0.000025.

Shiba Inu price analysis is bearish today as the market starts to reverse below the $0.00003 resistance. Therefore, we expect SHIB/USD to retrace further over the next 24 hours.

Shiba Inu Price Analysis: SHIB slowly reverses below $0.00003, retracement to follow? 1
Cryptocurrency heat map. Source: Coin360

The cryptocurrency market traded mostly in the green over the last 24 hours. Bitcoin gained 2.65 percent,  while Ethereum increased by 2.31 percent. Meanwhile, Fantom (FTM) continues to lead the market, with a gain of 10.4 percent.

Shiba Inu price movement in the last 24 hours: Shiba Inu holds below $0.00003

SHIB/USD traded in a range of $0.00002682 – $0.0000295, indicating low volatility over the last 24 hours. Trading volume has declined by 9.9 percent and totals $3.03 billion, while the total market cap trades around $11.15 billion, ranking the coin in 19th place overall.

SHIB/USD 4-hour chart: SHIB to retrace again?

On the 4-hour chart, we can see the Shiba Inu price action starting to pivot lower, likely leading towards further downside later today.

Shiba Inu Price Analysis: SHIB reverses below $0.00003, retracement to follow?
SHIB/USD 4-hour chart. Source: TradingView

Shiba Inu price saw a strong rally over the first weeks of October. The rally started on the 1st of October, eventually leading SHIB/USD to a new all-time high at $0.0000035 on the 7th of October.

What followed was a strong retracement to $0.00002 over the following days. From there, Shiba Inu saw two pushed higher before retracing again, returning to $0.000025 support.

After several days of consolidation above the support, the Shiba Inu price spiked higher at the end of the weekend, leading to another test of the $0.00003 resistance. Currently, SHIB/USD does not have the momentum to break higher, indicating that another retracement is expected.

Shiba Inu Price Analysis: Conclusion 

Shiba Inu price analysis is bearish today as the $0.00003 mark could not be breached, leading to a slow reversal. Therefore, we expect SHIB/USD to continue lower and potentially retest the $0.000025 mark again.

While waiting for Fantom to move further, read our guides on LTC wallets, Gero wallets, and  DeFi wallets.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.



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