Shiba Inu (SHIB) price analysis for today shows that the token is currently experiencing a little price correction. Traders are left wondering if the price has reached the overbought zone.
Meanwhile, the global crypto market is enjoying a bullish trend with the total market cap resting at 1.34 trillion, indicating a 2.25% increase in the last 24 hours.
Bitcoin, the leading cryptocurrency by market cap reached a new year high today when its price crossed $37,000. Other cryptocurrencies like Ethereum (ETH), Cardano (ADA), Solana (SOL), and Chainlink (LINK) are also some of the trading tokens in the market right now.
In a previous post, 36crypto highlighted the reason why the crypto market is up today, citing the potential approval of Bitcoin spot ETF by the Securities and Exchange Commission.
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At press time, the Crypto Fear & Greed index is resting at “74,” indicating a bullish sentiment. However, are these facts good enough reasons to invest in Shiba Inu right now? Let us analyze.
Shiba Inu (SHIB) price analysis
According to live data from Coinstats, the price of SHIB has dropped by 2.57% over the last 24 hours. Looking at the hourly chart, Shiba Inu’s price has soared following a false breakout of the local support level of $0.00000847.
The price could rise to $0.00000880 tomorrow if the daily candle closes near the resistance.
Source: TradingView
On the other hand, the daily chart paints a different picture. Traders should focus on the resistance level of $0.00000871. In the case that the bar closes near it without a long wick, the energy built up could be sufficient for a breakout and further increase to $0.000009.
Source: TradingView
Looking from the midterm point of view, investors should pay attention to the mirror level of $0.00000876. Traders can expect further correction within the following week if the false breakout happens and the candle closes away from it.
Per Coinstats data, Shiba Inu (SHIB) is currently changing hands at $0.00000812. What is more, SHIB has a 24-hour trading volume of $304,028,262 ($304 million) and a live market cap of $4,787,129,006 ($4.7 billion).
Read more:
- Why is Bitcoin and the Crypto Market Up Today?
- Ripple Transfers 60 Million XRP to Unknown Wallet Amid the Price Drop
- Crypto Slang You Never Heard Before Hopium, Pumpamentals, and WAGMI
Victor Swaezy
Victor Swaezy is a crypto-journalist with more than 3 years of experience in covering blockchain technology and digital currencies news. Known for his comprehensive reporting, Victor has contributed to leading industry publications such as Coinfomania and Crypto News Guru, providing market participants with the required knowledge to make informed decisions. When he is not working, he loves to watch movies and have a good time.