Shiba Inu is a decentralized meme coin that matured into an effervescent complex network. Our Shiba Inu price analysis will communicate how Shiba Inu saw a recent flash rise and is retracing back towards a stable point. The token saw some good days start of this year but is facing a tough time not unlike all other major cryptocurrencies including currencies like Uniswap.
Beginning of this year, Shiba Inu was floating at $0.0000341 on January 2nd 2022 whereas, it reached a year-to-date (YTD) high of $0.0000343 on February 7th 2022. After seeing a few brief dips during March and April and a sudden fall to $0.00001055 on 12th of May the crypto token tripped to a year-to-date (YTD) low at $0.00007262 on the 19th of June 2022.
Shiba Inu price chart by CoinMarketCapÂ
The start of 2022 seemed favorable for Shiba Inu but the coin has been following downtrend after May. The trend completely changed after the May fall, but the flash rise on August 14th lifted Shiba Inu on the charts again.
Although the pioneering meme coin, SHIB price has been struggling for too long to hit the $1 mark, which is usually very easy for most cryptocurrencies to reach. However, for meme coins it is a real mark stone.
Shiba Inu Price Analysis: SHIB getting out of temporary swell
Shiba Inu price displayed a stable movement as seen in the chart below during the month of August. We can see an almost flat line from the start till 14th of August when overbuying caused a flash rise. The prices rose from $0.00001278 to $0.00001792 on the same day within a few hours of gap.
Shiba Inu price analysis chart made with TradingView
The current relative strength index (RSI) points to a trend leaning towards overselling with a score of 31, although its rapidly fluctuating below the 30 to 28 mark. The current RSI moving average score is 32.9. An unexpected price surge was observed in the RSI movement when it hit the 123 mark on the 14th August and the prices soared because of overbuying.
Shiba Inu price is still facing mighty resistance with the Bollinger band (Upper) at $0.00001502 and a moving average (MA) of $0.00001430. The Bollinger Band (Basis) was recorded at $0.00001454. Shiba Inu finds some support with BB (lower) price, which is $0.00001406, while the current Shiba Inu price inconsistently stands at $0.00001423 at the moment.
Even though the sudden August surge in buying provided some hope for the crypto coin but the current trend still indicates an overall bearish movement. Buyers may be able to stabilize the Shiba Inu price again, but the current trend suggests a very unstable state for the meme coin.
Traders are advised to invest with caution since the unstable market and the retrace may appear as a good buying opportunity, however, a further dip to the lows before the 13th of August is still not out of the sight. If the meme coin fails to find strong support soon the price levels can give to the dip causing damages to the buyers. If the support persist, traders can make good gains on the current price movement.
TakeAways
- Shiba Inu price is finally retracing to stable grounds.
- SHIB price trend has not been able to stabilize after 14th August high.
- The flash high pushed the price high but movement has been unstable.
- SHIB is struggling to find good support at the time of writing.
- Traders should be cautious of the price movement in the days to come.
Disclaimer: The information provided on this page is most accurate to the best of our knowledge; however, subject to change due to various market factors. Crypto-Academy encourages our readers to learn more about market factors and risks involved before making investment decisions.