Shiba Inu Price Analysis: SHIB looks positive for near future?


  • SHIB/USD pair trading above EMA(20).
  • Shiba Inu gain bullish momentum over the past week gaining 19.03%.
  • First support level for Shiba Inu is at $0.00000900.
  • SHIB faces medium-term resistance at $0.00001200.

04 February 2023 : 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 -1.84 percent, bringing the entire cryptocurrency market to $1,083,144,116,897. The total trading volume stands at $50,166,763,120. Bitcoin shares 41.6 percent of the entrie market while Ethereum has a dominance of 16.33%.
which resulted in Bitcoin's price dropping down to $23,365.18 level after a decline of -0.62%. A number of alternative cryptocurrencies, like ETHEREUM has seen a price increase of 0.84 percent reaching to $1,661.49 during the previous 24 hours.
While publishing this blog, BNB traded at $328.97, following a price change of -0.76%within the same time frame. XRP the native coin of XRP is up by 0.18 and currently trading at $0.41. Additionally, Cocos-BCX reached $0.60 after seeing a decline of -0.77% 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 $0.00001100 Support Level 1 $0.00000900
Resistance Level 2 $0.00001200 Support Level 2 $0.00000800
Resistance Level 3 $0.00001300 Support Level 3 $0.00000700

Shiba Inu Performance

The daily chart of Shiba Inu shows that the SHIB price has surged up with a 12.76% increase in past 24 hours. The price value of the Shiba Inu (SHIB) coin is standing at $0.00001410 with market capitalization $7,743,555,522.00 USD. SHIB price changes 19.03% over the week while the trading volume is hovering around $1,148,829,428.00 USD.

Shiba Inu Price Analysis

SHIB price analysis for 04 February 2023 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) 0.00001010 Buy
Exponential Moving Average (10) 0.00001008 Buy
Simple Moving Average (20) 0.00001060 Buy
Exponential Moving Average (20) 0.00001054 Buy
Simple Moving Average (50) 0.00001132 Buy
Exponential Moving Average (50) 0.00001127 Buy

The SHIB/USD Moving Average Convergence and Divergence (MACD) indicator is indicating a short-term sell signal as the MACD line is moving below Signal Line Which means bears are dominating in the market. While SHIB’s Williams %R indicator is at -66.667 for the 14-day time period indicating a neutral condition.A trade signal is possible at this range.

Conclusions

As of now, Shiba Inu is doing well and is attempting to break out of the reddish zone. In order to invest in the digital currency, crypto investors want to see the SHIB move into the positive zone. As far as we can tell, Shiba Inu is on its way up. In 2022 and beyond, the Shiba Inu price has a significant likelihood of rising. It's important that you do your own research before making a decision on whether or not this is a smart investment for you.