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Bulls are in control of Shiba Inu market
Shiba Inu (SHIB) Price Analysis: 29 October
Buyers may force Shiba Inu to break up the $0.00000919 and $0.00000985 levels if they successfully push the price above the $0.00000838 resistance level. If bears can hold the $0.00000838 level, the price of the cryptocurrency can fall below $0.00000766 and hit the support levels of $0.00000682 and $0.00000594.
Key Levels:
Resistance Levels: $0.00000838, $0.00000919, $0.00000985
Support Levels: $0.00000766, $0.00000682, $0.00000594
SHIBUSD Long-term Trend: Bullish
A Bullish trend is visible on the Shiba Inu’s daily chart. The bulls finally prevailed over the bears after many days of cryptocurrency’s price movement between the $0.00000682 support level and the $0.00000767 resistance level. The daily candle closed above the resistance level of $0.00000767 on October 25, suggesting that the bulls were putting more pressure on the market than the bears. The price remains above the $0.00000766 level at the moment heading towards $0.00000838 level.
SHIB is currently trading above the two EMAs. Buyers may force SHIB to break up the $0.00000919 and $0.00000985 levels if they successfully push the price above the $0.00000838 resistance level. If bears can hold the $0.00000838 level, the price of the cryptocurrency can fall below $0.00000766 and hit the support levels of $0.00000682 and $0.00000594. Based on the relative strength index for period 14, at Level 66 buy signal is displayed.
SHIBUSD Price Medium-term Trend: Bullish
The 4-hour pricing chart for Shiba Inu shows a bullish market. The value of the currency increases above $0.00000766 because purchases have exceeded sales during the last seven days. The buyers’ fervor caused the price to rise to the current level. The SHIB price increased towards $0.00000838 last week when there were more buyers than sellers. Purchasing pressure has kept the support level $0.00000682 in place. At present, the price ranges from $0.00000766 to $0.00000838.
Shiba Inu prices are now most volatile in the 9- and 21-period exponential moving averages. There is a buy signal on the Relative Strength Index at 62.
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