Shiba Inu price analysis: SHIB rises up to 6 percent to provide respite after severe decline

Shiba Inu price analysis shows price finally moving upwards after an extended bearish period, where price touched a 3-month low point of $0.00007846. The descending pattern emerged on June 7, 2022 after a brief horizontal run where price remained above the $0.00001100 mark. SHIB saw increased market interest after dropping towards the $0.00000750 support, which could also prove to be a short entry point for buyers. However, if the current uptrend gathers momentum and enables price to consolidate, a breach of the $0.00000950 point could be achieved to invalidate the bearish market sentiment.

The larger cryptocurrency market showed some form of recovery over the past 24 hours, with the exceptions of Bitcoin and Ethereum, both still struggling below $22,000 and $1,200, respectively. Among Altcoins, Ripple rose 4 percent to $0.32, while Cardano jumped 8 percent to $0.51. Dogecoin also recorded a significant 7 percent increment to move back up to $0.05, similar to Litecoin’s ascent up to $48.88. Meanwhile, Solana rose 10 percent to reach $31.84, whereas Polkadot recorded a massive 11 percent rise to move as high as $8.03.

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Shiba Inu price analysis: Cryptocurrency heat map. Source: Coin360

Shiba Inu price analysis: 24-hour chart shows RSI on the up as market valuation rises

On the 24-hour candlestick chart for Shiba Inu price analysis, price can be seen following a descending triangle pattern over the past week since June 7, 2022. Since then, SHIB price has dropped more than 33 percent and found a 3-month low yesterday at $0.00007846. However, over the past 24 hours, an Emerging Star pattern can be seen appearing which appears to have shifted the trend. Over the past 24 hours, price rose more than 5 percent and majority technical indicators also found an upturn. Price currently sits below the crucial 50-day exponential moving average (EMA) at $0.00000935, which could be breached over the coming trading sessions as the uptrend consolidates.

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Shiba Inu price analysis: 24-hour chart. Source: Trading View

More importantly, the 24-hour relative strength index (RSI) took an upturn to show increased market valuation for SHIB at 31.71 and is expected to rise further. Trading volume over the past 24 hours also dropped more than 5 percent, indicating a buyer trend in place for SHIB. In addition, the moving average convergence divergence (MACD) curve is forming higher lows currently, and is in par with the neutral zone. With these indicators, it could be expected that SHIB price can break the $0.00000950 mark above the 50-EMA to invalidate the bearish thesis in place.

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