Shiba Inu (SHIB) Price Bounces Off $0.00001041 Resistance Level

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Further decrease of SHIB price envisaged

Shiba Inu (SHIB) Price Analysis: 06 August

In case buyers keep up their enthusiasm, price may break through the $0.00000985 resistance level and test the $0.0000104 and $0.00001134 levels. If bears are successful in holding the $0.00000985 level, the price of the cryptocurrency may decline below $0.00000920 and reach the support levels of $0.00000838 and $0.00000739. Sell signal is provided by the relative index period 14 at level 63

Key Levels:

Resistance Levels: $0.00000985, $0.00001041, $0.00001134

Support Levels: $0.00000920, $0.00000838, $0.00000739

SHBUSD Long-term Trend: Bullish

Shiba Inu is bullish on the daily chart. The short “W” chart pattern formed at the support level of $0.00000594 and $0.00000682 levels triggered a bullish movement a few weeks ago. The bulls dominate the market and the former resistance level of $0.00000867 was broken upside. Further increase in the bulls’ momentum put the high of $0.0000104 to the test after it penetrated the resistance level of $0.00000985 level. Today, sellers dominate the market and the price pulls back.

SHIB retained its trading above the two EMAs after the 9-period EMA crossed above the 21-period EMA. If buyers keep up their enthusiasm, the price may break through the $0.00000985 resistance level and test the $0.0000104 and $0.00001134 levels. If bears are successful in holding the $0.00000985 level, the price of the cryptocurrency may decline below $0.00000920 and reach the support levels of $0.00000838 and $0.00000739. Sell signal is provided by the relative index period 14 at level 63.

SHIBUSD Price Medium-term Trend: Bearish

Shiba Inu’s 4-hour chart reveals a falling trend. Over the preceding three weeks, buying outweighed selling, causing the cryptocurrency’s value to rise above $0.00000739. The fervor of the buying at the aforementioned level drove the price up, through the $0.00000838 resistance level, and to $0.00000920 level.  At the moment, price is selling.                                                                                                                                                                                                                                                                                                   Shiba Inu is currently trading between the 9- and 21-period exponential moving averages indicating bearish market. The 55 levels of the Relative Strength Index indicate a sell, which may be a pullback.

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