Shiba Inu Price Analysis: SHIB Gearing Up for a Massive Rally?


  • SHIB/USD pair trading below EMA(20).
  • Shiba Inu gain bullish momentum over the past week gaining 0.61%.
  • First support level for Shiba Inu is at $0.00001067.
  • The current trading volume of Shiba Inu is at $207,142,347.00.

03 October 2022 : In this article we will walk you through Shiba Inu price analysis for today or for next week and try to answer these frequently asked questions (FAQs), what is short term price prediction for Shiba Inu, Is SHIB a good investment? Shiba Inu support & resistance levels etc. But before diving deep into the SHIB technical analysis, let us talk about the current market conditions.

Market Analysis

Over the last twenty-four hours, there was a down fall of -1.34 percent, bringing the entire cryptocurrency market to $942,458,512,284. The total trading volume stands at $55,235,219,316. Bitcoin shares 39.8 percent of the entrie market while Ethereum has a dominance of 16.12%.
which resulted in Bitcoin's price rising to $19,557.65 level after an upward movement of 1.84%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 2.18 percent reaching to $1,325.92 during the previous 24 hours.
While publishing this blog, BNB traded at $288.29, following a price change of 1.74% within the same time frame. XRP the native coin of XRP is down by -0.44 and currently trading at $0.46. Additionally, Cardano reached $0.43 after seeing a uplift of 0.54% in value.
These events indicate that the market is heading in a downward direction for short term. At this moment, a general negative dip can being seen throughout the crypto market.

Shiba Inu Support and Resistance

Support and resistance are important technical indicators used to identify key price levels where the trend can change direction. Support is a level at which buyers become more active and stop the coin's price from falling any further. Similartly, Resistance is a level at which sellers become move active and stop the coin's price from moving higher.
Following are the support and resistance levels of Shiba Inu (SHIB)

SHIB Resistance Levels SHIB Support Levels
Resistance Level 1 $0.00001167 Support Level 1 $0.00001067
Resistance Level 2 $0.00001233 Support Level 2 $0.00001033
Resistance Level 3 $0.00001267 Support Level 3 $0.00000967

Shiba Inu Performance

The price of Shiba Inu (SHIB) is at $0.00001111, down -0.35% in the past 24-hours and has a price change of 0.61% over the week. One day trading volume for BTC is 207,142,347.00 USD while total marketcap reached $6,098,555,098.00 USD. There are almost 549,063,278,876,300 are in circulation out of 589735030408320.

Shiba Inu Price Analysis

SHIB price analysis for 03 October 2022 within a daily time frame explained below. we use Relative Strength Index(RSI), Moving Average Convergence and Divergence (MACD), Support levels, Resistance levels, different time period moving averages including Simple Moving Average (SMA) and Exponential Moving Average (EMA) to analyze the future movement of the Shiba Inu.

Moving Averages Price Indicator
Simple Moving Average (10) 0.00001100 Buy
Exponential Moving Average (10) 0.00001100 Buy
Simple Moving Average (20) 0.00001120 Sell
Exponential Moving Average (20) 0.00001118 Sell
Simple Moving Average (50) 0.00001232 Sell
Exponential Moving Average (50) 0.00001227 Sell

The first support level for Shiba Inu is at $0.00001067 while the second one is at $0.00001033. While taking about resistance the SHIB has R1 and R2 at $0.00001167, $0.00001233 respectively. While SHIB’s Williams %R indicator is at -50 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range. The MACD line is standing below of the signal line after a crossover. Shiba Inu investors need to wait for any directional change over the daily chart. RSI implying consolidation phase while trading at 50 and is trying to break out of the neutrality zone.

Conclusions

Shiba Inu has few recovery chances and might continue testing immediate resistance level of $0.00001167 in the coming days. While the gradual bullish movement in the overall cryptocurrency space can keep SHIB investors hopeful.