- Shiba INU Coin price closed the previous day’s trade at $0.00001170 with a market capitalization of $6.73 billion and a circulating supply of 549,063.28 billion SHIB
- SHIB price appears to have set up a significant upswing since the beginning of July and hence may rise by more than 30% in the upcoming fortnight
|Market Cap||$6.72 billion|
|Circulating Supply||549,063.28 billion|
Shiba INU Technical Analysis for August 2022
Shiba INU Coin price after reaching the bottoms in JUNE, has strongly rebounded and sustained within the upward trajectory. The asset is expected to encounter a crucial make-or-break situation after the H2 August 2022 and take up a crucial step. The volatility which is currently rising slowly is believed to spike, uplifting the price by 15% to 20% in August.
Currently, the bears are attempting to pull down the prices by maintaining a notable upward pressure. However, bulls are responding by holding above the support levels and pushing the SHIB price slowly close to the local resistance at $0.00001323. Further, a clear breakout beyond $0.000015 may set up a bullish trajectory for the asset ahead.
Check out latest SHIB Price in INR, charts, and more.
Technical Analysis at a Glance
|Short-Term||The Shiba INU price is swinging within narrow braces and hence may pull a notable leg depending upon the induced volatility|
|Mid-Term||A similar trend is witnessed in the mid-term chart as the SHIB price is attempting very hard to sustain above the local support|
|Long-Term||While in the long term, it seems like the price has reached its bottoms and hence appears to be on the foothill of a major bull run|
Impact of Crypto Crash on SHIB Price
The Shiba INU Coin price ignited a steep descending trend much before the market collapsed for various reasons, beginning with the LUNA-UST crisis. The asset also marked the lows that it had not visited for nearly 6 to 8 months, by draining more than 90% of its value. Due to the crypto crash, the buying volume was severely impacted as the bears had pre-dominated the rally.
Along with the crash, the Indian traders dealt with the newly imposed Tax regime which requires them to pay a 30% tax on crypto profits. On the other hand, the losses are not considered while calculating the net profit and along with this, the trader is also charged 1% TDS on every transaction. This move has badly impacted the Indian crypto space, while the volume on exchanges has also dried up to some extent.
Additional Read: Crypto Market Trends 2022
Technical Indicators & Pivot Levels
|Indicator||Value (STF/HTF)||Action (STF/HTF)|
|Relative Strength Index(RSI)||54.90 / 41.32||Neutral / Sell|
|MACD||0.00 / 0.00||Neutral / Neutral|
|Average Directional Index(ADX)||28.43 / 37.98||Buy / Neutral|
|Ultimate Oscillator||49.23 / 55.01||Neutral / Buy|
|Bull-Bear Power||0.00 / 0.00||Neutral / Neutral|
|Moving Average||Short Term||Long Term|
|MA 5||$ 0.00001207||$ 0.00001166|
|MA 10||$ 0.00001209||$ 0.00001081|
|MA 20||$ 0.00001194||$ 0.00001536|
|MA 50||$ 0.00001158||$ 0.00002300|
|MA 100||$ 0.00001133||$ 0.00001271|
|MA 200||$ 0.00001094||$ 0.00000636|
The bears are expected to remain off-shore for some time as the short-term predictions are in favour of the bulls. No doubt MACD & Bull-Bear power is neutral in all the time frames, but RSI is neutral currently but is displaying the possibilities of pulling a significant leg up soon. However, the strength of the rally is high and hence a decent upswing may be fast approaching.
Shiba INU Technical Analysis for Short Term
- After trading sideways for more than a month, SHIB coin price is eyeing to make a larger move in the coming days
- The lower support levels were respected each time as the prices rebounded fairly and headed towards the upper resistance
- A notable volatility is expected to be induced as the Bollinger bands are about to be squeezed that could compel the price to undergo a steep price action irrespective of the direction
- As the SHIB prices have been rejected from the upper resistance of the channel, the possibility of a plunge is pretty high but only for a short time frame.
Additional Read: Shiba INU Coin Price Prediction
Shiba INU Technical Analysis for Long-Term
- In the higher time frame, Shiba INU Coin price is pretty bullish as the asset is trading within an ascending triangle
- The SHIB price after a strong rebound from the lower support in June has maintained a significant uptrend and hence is expected to maintain a notable upswing ahead
- The bulls appear to hold a notable dominance as the buying volume has accumulated to some extent
- Therefore, SHIBA INU is expected to maintain an ascending consolidation for another couple of weeks, and breakout from the triangle to rising towards the upper targets
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Is Shiba INU bullish or bearish?
Shiba INU price, currently, appears a little shaky but in the long-term is significantly bullish.
What is the current RSI for SHIB?
The RSI in the short term is 54.9 while in the long term is 41.32.
Is it a good time to buy Shiba INU?
Shiba INU appears to be poised to maintain a strong uptrend and hence is maintaining the lower support trend line. Therefore, may be a good time to buy SHIB.
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