Shiba Inu (SHIB) price analysis shows that the price has moved up for the third consecutive day. Meanwhile, Ethereum whales continue to stockpile Shiba Inu, purchasing 150 billion SHIB.
- 1 Shiba Inu price analysis: SHIB continues at $0.00001350
- 2 Shiba Inu price analysis: 24-hour RSI shows bearish support level
- 3 Cryptopolitan analysts set the upside target at $0.00001350
- 4 Ethereum whales buy 150 billion SHIB
- 5 Share this:
Shiba Inu price analysis: SHIB continues at $0.00001350
Shiba Inu price analysis is up 9% on the daily chart to as high as $0.00001178. However, it continues to show bullish signs for the third consecutive day. The price is currently forming a shooting star pattern on the daily price chart. It is also trading about 65% above the lowest point observed on June 13, 2022.
However, the meme token offers a short opportunity at $0.00001350. At this point, it will face increased seller pressure, according to analyst Razi Khan. SHIB has been in a bullish trend since the big bounce that took the price as high as $0.00001189 on June 21, 2022. Therefore, an extension of the trend to $0.001437 will invalidate the bearish thesis.
Shiba Inu price analysis: 24-hour RSI shows bearish support level
The 24-hour candlestick chart of Shiba Inu shows that the price is moving up in an ascending triangle. SHIB price broke the 50-day exponential moving average at $0.00001041. It is giving a bullish signal above $0.00001250 in the next 24 hours. But it also shows that seller pressure may increase. The 24-hour relative strength index (RSI) is approaching the depths of the oversold zone at 59.83, with a 9% increase in SHIB trading volume over the past 24 hours.
Other bearish signs include the token’s low trading volume, which shows no bullish signs. According to the analyst, in this case, the SHIB price could decline to $0.000001000. The moving average convergence divergence (MACD) curve continues to form higher lows to stay above the neutral zone. But there is a large downside risk when the market falls short with the overpriced. According to the analyst, the bearish thesis will be invalidated if the price exceeds $0.00001437 and hits the targets in the $0.00001850 price zone, which will be a 66% increase from the current SHIB price.
Cryptopolitan analysts set the upside target at $0.00001350
Analysts at Cryptopolitan evaluated the Shiba Inu price chart. Next to analyst Razi Khan, they point to an ascending triangle formation. Shiba Inu price crossed its 50-day exponential moving average at $0.00001041. Analysts say the Shiba Inu price could continue its uptrend following the $0.00001350 target.
Ethereum whales buy 150 billion SHIB
Accompanied by this technical look, massive SHIB transactions of Ethereum whales emerged. Throughout the bloodbath of the crypto market, whales have amassed massive amounts of Shiba Inu. Whalestats, a platform for sharing information about the top 100 whales, shows that whales now hold 512.3 billion Shiba.
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