Shiba Inu (SHIB) is getting a lot of attention because the price of coins keeps going up and down. People who buy and trade are looking for signs that the price could go up again.
Since prices are changing, analysts don’t know if Shiba Inu will return to its positive trend or give in to more bearish pressure. There aren’t any signs that they will.
People have different thoughts on the new SHIB prices. Right now, the coin’s price is below its 20-day moving average. This means it is weak, and buyers are getting their currency out. A slight rise of almost 8% the week before, on the other hand, made it look like the drop might be over soon.
Shiba Inu Price Analysis
Pay close attention to the $0.00003310 mark. If it is broken, the value could go up to $0.00004500. But if the price drops below $0.00002000, the correction time could last longer, which could test how strong SHIB users are.
Technical analysis shows that a short squeeze is likely to happen soon, even though short sellers are busy right now. This is especially true since resistance levels that were recently tested and broken have been tried again. Also, Bitcoin (BTC) and Ethereum (ETH), two well-known cryptocurrencies, are getting better, which could be good for Shiba Inu in the future.
The RSI is at 61, which means the price of SHIB is changing very quickly. This is going to be close to the overbought level. In the past week, exchange saves have gone up, which some experts say could mean more pressure to sell. It will be tough for prices to rise.
Even though there is a lot of uncertainty, some experts are still cautiously optimistic about SHIB’s future. They say this because the group is strong and the cryptocurrency market is strong against outside forces. Traders should be careful and keep a close eye on key levels of support and resistance to see if there are any chances to buy while the market waits for more news.
