Shiba 1-day Price Chart: Bulls and Bears Battle For Control as Market Conditions Favor Bearish
The daily chart for Shiba Inu price analysis shows that the SHIB token has been unable to reverse its course and break above the resistance level of $0.00003801. Since forming a downtrend on March 9, the market has been in a constant state of decline.
SHB/USD 1-day price chart By; TradingView
The technical indicators have remained bullish despite losing ground. The relative strength index (RSI) is at, 80.80 indicating that the market has room for upward movement before entering overbought territory.
Similarly, the moving average convergence divergence (MACD) line has lost its uptrend momentum, suggesting that bears could control the market. Looking at the Bollinger band, SHIB is trading above the middle band, but a red candlestick has formed, suggesting that the bears are in full control of the market.
