Welcome to our comprehensive report analyzing Shiba Inu’s (SHIB) price on June 10, 2023. This insightful report is based on data collected from Binance at 07:11 AM UTC, including price data, technical indicators, and moving averages. Whether you’re an experienced trader or simply curious about SHIB’s performance, this article provides valuable insights into this cryptocurrency’s market sentiment.
Price and Volume:
Currently, SHIB is priced at $0.00000623, reflecting a significant decrease of -$0.00000169 (-21.34%) compared to the previous price. The trading volume of SHIB stands at 9,642,593,679,060, indicating a high level of activity and interest in this digital asset. Such volume represents the number of shares or contracts traded within a specific period. Throughout the trading day, SHIB’s price has fluctuated between $0.00000543 and $0.00000805, displaying a notable range of variation.
Technical Analysis:
A thorough technical analysis of SHIB reveals a strong sell signal. This conclusion is drawn from the presence of 0 buy signals 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 movements and volume.
Technical Indicators:
The RSI(14) currently stands at 16.009, indicating an oversold condition that could potentially lead to a price correction in the near future. RSI (Relative Strength Index) serves as a momentum oscillator, measuring the speed and change of price movements. The STOCH(9,6) is also at 41.546, signalling a sell condition. STOCH (Stochastic Oscillator) is a momentum indicator comparing a security’s closing price to its price range over a specified period. The STOCHRSI(14) is at 27.109, further suggesting a sell condition. STOCHRSI is an indicator derived by applying the Stochastic Oscillator formula to a Relative Strength Index (RSI) value set. Furthermore, the MACD(12,26) indicates a neutral signal with a value of 0.000. The 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:
The ADX(14) stands at 43.030, pointing towards a sell condition. ADX (Average Directional Index) quantifies 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. Moreover, the CCI(14) is at -135.8414, suggesting a sell signal. CCI (Commodity Channel Index) is a versatile indicator to identify new trends or extreme market conditions. The ATR(14) also suggests high volatility, which could lead to significant price swings. ATR (Average True Range) is a technical analysis indicator that measures market volatility by decomposing the price range of an asset for a given period.
Moving Averages:
The Moving Averages support a strong sell signal, with 0 buy and 12 sell signals. This indicates the potential presence of a bearish trend in the long term. Moving Averages smooth out price data to provide a trend-following indicator. While they do not predict price direction, they help define the current direction with a certain delay. Notably, the MA5, MA10, MA20, MA50, MA100, and MA200 are all positioned above the current price, signalling a bearish sentiment for both the short and long term. The numbers associated with the moving averages (5, 10, 20, 50, 100, 200) indicate the period used to calculate the moving average.
Pivot Points:
Pivot points are valuable in identifying potential support and resistance levels. These levels play a significant role in technical analysis, indicating price levels at which a financial instrument tends to halt and reverse its direction. The current SHIB price hovers around the S1 and R1 levels in all pivot point calculations, highlighting their importance as key levels for potential price movements. The pivot point is a technical analysis indicator used to determine the overall market trend across different time frames. It is calculated by averaging significant prices (high, low, close) from the previous trading period. Trading above the pivot point is generally seen as a bullish sentiment while trading below it is considered bearish.
Conclusion:
The Shiba Inu (SHIB) price analysis on June 10, 2023, based on data from Binance at 07:11 AM UTC, indicates a prevailing sell sentiment. Most technical indicators and moving averages align with the possibility of a bearish trend. This disparity emphasizes the need for a balanced, well-informed approach to trading and investing. Considering these signals within the context of your overall investment strategy and risk tolerance is important. Remember that the cryptocurrency market is highly volatile, and while technical analysis can provide valuable insights, it represents just one aspect of the larger puzzle.
