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Sellers’ pressure increases in Shiba Inu market
Shiba Inu (SHIB) Price Analysis: 07 January
Sellers may force Shiba Inu to break down the $0.0000079 and $0.0000072 levels if they can drive the price below the $0.0000087 support level. If bulls can hold the $0.0000087 level, the price of the cryptocurrency may go above $0.000095 and reach the resistance levels of $0.000010 and $0.000011
Key Levels:
Resistance Levels: $0.000095, $0.000010, $0.000011
Support Levels: $0.0000087, $0.0000079, $0.0000072
SHIBUSD
Long-term Trend: Bearish
Shiba Inu’s daily chart shows a downward trend. Buyers dominated the SHIB market two weeks ago. The price was pushed up to the resistance level of $0.000011. A strong daily bearish candle indicates that sellers are ready to take up the market. On January 03, the daily candle closed below the previous support level of $0.0000095, indicating that bears rather than bulls were driving the market lower.
SHIB is currently trading below the Hull Suite indicator. Sellers may force SHIB to break down the $0.0000079 and $0.0000072 levels if they can drive the price below the $0.0000087 support level. If bulls can hold the $0.0000087 level, the price of the cryptocurrency may go above $0.000095 and reach the resistance levels of $0.000010 and $0.000011.
SHIBUSD Price Medium-term Trend: Bearish
The 4-hour Shiba Inu pricing chart demonstrates the degree of strong bearish movement. The currency’s valuey decreased less than $0.000095 during the past few weeks due to a greater number of sales than purchases. The price decreased to $0.000095 due to the enthusiasm of the sellers. An increase in the sellers’ momentum can push prices lower.
The price of Shiba Inu is under bear pressure, based on the Hull Suite indicator with QQE MOD below zero level, showing a sell market with a bearish signal.
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