Shiba Inu Price Analysis (SHIB) June 10, 2023: ‘Strong sell signal’

Welcome to our comprehensive report analyzing Shiba Inu (SHIB) prices as of June 10, 2023. This insightful report is based on data gathered from Binance at 07:11 UTC, including price data, technical indicators, and moving averages. Whether you are an experienced trader or just curious about the performance of SHIB, this article provides valuable insight into the market sentiment of this cryptocurrency.

Price and Volume:

Currently, SHIB is priced at $0.00000623, reflecting a significant decrease of -0.00000169 (-21.34%) compared to its previous price. SHIB’s trading volume reached 9,642,593,679,060, indicating a high level of activity and interest in this digital asset. The volume is the number of shares or contracts traded in a certain period. Throughout the trading day, the price of SHIB fluctuated between $0.00000543 and $0.00000805, showing a wide range of variation.

Technical Analysis:

Thorough technical analysis of SHIB reveals a strong sell signal. This conclusion is drawn from the existence of 0 buy and 8 sell signals among the technical indicators, as well as 0 buy signals and 12 sell signals from the Moving Averages. Technical analysis involves assessing investments and identifying trading opportunities by examining statistical trends derived from trading activity, such as price and volume movements.

Technical Indicators:

RSI(14) currently stands at 16,009, indicating an oversold condition which has the potential to cause a price correction in the near future. The RSI (Relative Strength Index) functions as a momentum oscillator, measuring the speed and change in price movement. STOCH(9.6) is also at 41,546, indicating sell-off conditions. STOCH (Stochastic Oscillator) is a momentum indicator that compares a security’s closing price to its price range over a certain period. STOCHRSI(14) is at 27.109, further indicating sell-off conditions. STOCHRSI is an indicator derived by applying the Stochastic Oscillator formula to a set of Relative Strength Index (RSI) values. Furthermore, MACD(12.26) shows a neutral signal with a value of 0.000. MACD (Moving Average Convergence Divergence) acts as a trend-following momentum indicator, reflecting the relationship between two moving averages of a security’s price.

Other Indicators:

ADX(14) stands at 43.030, pointing to a sell-off. ADX (Average Directional Index) calculates trend strength. The Williams %R indicator is at -72.016, indicating a sell signal. Williams %R is a momentum indicator that identifies overbought and oversold levels. Apart from that, CCI(14) is at -135.8414, indicating a sell signal. The CCI (Commodity Channel Index) is a versatile indicator for identifying new trends or extreme market conditions. ATR(14) also exhibits high volatility, which can lead to significant price swings. ATR (Average True Range) is a technical analysis indicator that measures market volatility by outlining the price range of an asset for a certain period.

Moving Average:

The Moving Average supports strong sell signals, with 0 buy signals and 12 sell signals. This indicates the potential for a bearish trend in the long term. Moving Averages refine price data to provide a trend-following indicator. Although they do not predict the price direction, they help determine the current direction with a certain delay. In particular, the MA5, MA10, MA20, MA50, MA100 and MA200 are all positioned above the current price, signaling a bearish sentiment in the short and long term. The numbers associated with the moving average (5, 10, 20, 50, 100, 200) indicate the period used to calculate the moving average.

Pivot Points:

Pivot points are invaluable in identifying potential support and resistance levels. This level plays an important role in technical analysis, indicating the price level at which financial instruments tend to stop and reverse. SHIB price is currently hovering around the S1 and R1 levels in all pivot point calculations, highlighting the importance of these levels as key levels for potential price action. Pivot points are technical analysis indicators used to determine the overall market trend across various time frames. It is calculated by averaging the significant prices (high, low, close) of the previous trading period. Trading above the pivot point is generally seen as bullish while trading below it is considered bearish.

Conclusion:

Shiba Inu (SHIB) price analysis for June 10, 2023, based on data from Binance at 07:11 UTC, shows the prevailing selling sentiment. Most technical indicators and moving averages align with a possible bearish trend. This gap emphasizes the need for a balanced and well-informed approach to trade and investment. It is important to consider these signals in the context of your overall investment strategy and risk tolerance. Remember that the cryptocurrency market is highly volatile, and while technical analysis can provide valuable insight, it only represents one aspect of a larger puzzle.