- SHIB undergoing a period of consolidation after a turbulent start to October
- Price jumped as high as $0.00002849 over the last 24 hours
- RSI shows ideal valuation in the market
Shiba Inu price analysis for the day suggests that the token is set to finally find a real upturn in the current trend, after undergoing a period of consolidation while the rest of the cryptocurrency market boosted upwards. The so-called meme coin saw a high of $0.0000322 a week ago, before dropping as low as $0.0000231. Price now sits at $0.0000277 after a slight rise over the last 24 hours, with a high of $0.0000285. Trading volume presents a worrying sign, dropping more than 34 percent, which is expected to pose better as price rises.
The larger cryptocurrency market continued to retest, apart from a few Altcoins. Bitcoin dropped back to the $60,000 mark with a 3 percent decline, similar to Ethereum that dipped below $3,000. Ripple dropped to $1.09, while Cardano consolidated at $2.15. Solana proved to be the biggest winner in the market for the second consecutive day, increasing more than 12 percent to jump up to $204.54.
SHIB/USD 24-hour chart: Solid RSI value indicates price upturn
On the 24-hour chart, Shiba Inu price can be seen consolidating after a turbulent start to October. Price currently sits just above the crucial 20 and 50-day exponential moving averages (EMAs). The Relative Strength Index (RSI) also shows strong signs with a value of 50.25, indicating incoming market interest from buyers. Price is expected to test the $0.000030 resistance in the current trend, with the Moving Average Convergence Divergence (MACD) line also sitting above the neutral zone and 0.00 mark.
SHIB/USD 4-hour chart: Bullish Hammer pattern appearing on short-term trade
On the 4-hour chart, the latest trend can be seen where buyers are coming late into the market to push price upwards. Price currently lies just on the 20-day EMA, with the RSI value showing momentum adding to the market. Price is expected to cross the middle Bollinger bands’ curve to initiate the bullish movement. Over the next few short-term trading sessions, price is expected to rise above its EMA and consolidate before buyers can initiate a push upwards.
Shiba Inu price analysis: Conclusion
According to technical indicators, SHIB is set to form a bullish run towards the first resistance point at $0.000030, after a week of consolidation around the current price. Buyer momentum is expected to rise over the current trend, presenting an ideal buying opportunity at current trade. Any movement above $0.00002952 could aid movement above the $0.000030 mark. However, in reference to the larger cryptocurrency market, any price movement below $0.000025 could invalidate the bullish thesis.
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