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- SHIB price analysis turned bullish for today, rising by more than 5%
- The volumes also rose by tremendous numbers
- The daily high for the token reached $0.00004212
As per data from CoinMarketCap, the trading volume for the token rose by a whopping 6.47%, standing at $1.88 billion. The daily candle opened today at $0.00003911, reaching a daily high of $0.0004212 and a daily low of $0.00003830.
The coin claims the market position of 12 with a 6.74% rise in market capitalization, standing at $22.1 billion. In the past seven days, the token rose from $0.00003599 to $0.00004754 and is currently a 54.32% low from the all-time high of the token at $0.00008845.
SHIB prices rose by 830% in the month of October, starting at $0.00000721 and rising to the all-time high at $0.00008845. On the other hand, the token has dropped by more than $38% in the month of November.
The SHIB price analysis is currently experiencing a downtrend but, this seems to be a correction from the previous bullish phase. Recently, the lead developer of the SHIB team said that the team is looking to develop a Shiba Inu game.
SHIB price analysis using indicators
The indicators are now turning bullish as the prices continue to move above the 100-day Moving Average. The 50-day Moving Average is currently above the price action, indicating that the bulls will try to reclaim the important zone in the near future.
The prices broke down from the lower end of the Bollinger Bands, but after the correction, they are trying to take over the 50-day Average and form an uptrend. Currently, they progress upwards from the bearish zone of the Bands.
The RSI levels indicate a surge in buying pressure as the gradient is positive and the RSI line is trying to enter the bullish region, i.e., above the 50-level. The accumulation of the Shiba Inu token is also rising, and it seems that holders are buying the token and holding on to it, expecting higher prices.
Conclusion
The SHIB price analysis can be concluded on a bearish sentiment for today as the token rose by around 6%. This bullish sentiment of the market was due to Bitcoin gaining the important support of $57,000, and now, we can expect an upwards rally towards $60,000 which will be the next target.