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SHIB may increase further
Shiba Inu (SHIB) Price Analysis: 13 August
Shiba Inu may breach the $0.00001134 resistance level and test the $0.00001185 and $0.00001252 levels if buyers maintain their zeal. The price of the cryptocurrency may drop below $0.00001041 and approach the support levels of $0.00000985 and $0.00000920 if bears are successful in holding the $0.00001134 level. The relative strength index period 14 at level 69 gives a buy signal.
Key Levels:
Resistance Levels: $0.00001134, $0.00001185, $0.00001252
Support Levels: $0.00001041, $0.00000985, $0.00000920
SHIBUSD Long-term Trend: Bullish
Shiba Inu is bullish on the daily chart. Last week, there was a further increase in the SHIB price. A short “W” chart pattern was created at the $0.00000594 and $0.00000682 levels of support, this triggered a bullish movement. The earlier resistance level of $0.00000920 was broken upward in this market, which is dominated by bulls. After breaking through the $0.00000985 level of resistance, the bulls’ momentum continued to build, putting the high of $0.00001134 to the test. The market is currently pulling back.
After the 9-period EMA crossed above the 21-period EMA, SHIB continued to trade above the two EMAs. If buyers maintain their zeal, the price may breach the $0.00001134 resistance level and test the $0.00001185 and $0.00001252 levels. The cost of the cryptocurrency may drop below $0.00001041 and approach the support levels of $0.00000985 and $0.00000920 if bears are successful in holding the $0.00001134 level. The relative strength index period 14 at level 69 gives a buy signal.
SHIBUSD Price Medium-term Trend: Bullish
Shiba Inu’s 4-hour chart reveals a rising trend. The cryptocurrency’s value increased over $0.00000739 during the last three weeks since purchasing outnumbered selling. SHIB rose because of the enthusiasm of the buyers at the aforementioned level, breaking over the resistance level of $0.00000920 to reach $0.0000134. Right now, the price is retesting $0.00001041 level.
Shiba Inu currently trades between the 9- and 21-period exponential moving averages indicating a bearish market. The 59 levels of the Relative Strength Index indicate a sell, which may be a pullback.
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