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Bullish momentum may increase further in SHIB market
Shiba Inu (SHIB) Price Analysis: 25 June
When buyers maintain their pressure, SHIB may incline above the $0.0000083 resistance level and test the $0.0000091 and $0.000010 levels. If bears are successful in holding the $0.0000083 level, the price of the cryptocurrency may decrease below $0.0000073 and hit the support levels of $0.0000059 and $0.0000050.
Key Levels:
Resistance Levels: $0.0000083, $0.0000091, $0.000010
Support Levels: $0.0000073, $0.0000059, $0.0000050, $0.0000045
SHBUSD Long-term Trend: Bullish
Shiba Inu’s daily chart shows a bullish trend. The value of the coin fluctuated three weeks ago, swinging between $0.0000091 and $0.0000083. On June 5, sellers applied pressure, causing the price to go below the $0.0000083 support level and to the $0.0000073 level. The price dropped last week after reaching the support level of $0.0000059. Buyers are attempting to control the market and the former resistance level of $0.0000073 turned to a support level. The resistance level of $0.0000083 was tested.
The price is currently heading above the two EMAs after the 9-period EMA crossed above the 21-period EMA. When buyers maintain their pressure, SHIB may incline above the $0.0000083 resistance level and test the $0.0000091 and $0.000010 levels. If bears are successful in holding the $0.0000083 level, the price of the cryptocurrency may decrease below $0.0000073 and hit the support levels of $0.0000059 and $0.0000050. An indication to buy is provided by the relative index period 14 indicating up at level 53.
SHIBUSD Price Medium-term Trend: Bullish
On the 4-hour chart, Shiba Inu is bullish. Over the previous four weeks, when the value of the cryptocurrency fell to a negative $0.0000091, selling exceeded buying. The price was pushed lower at the level mentioned above by the sellers’ enthusiasm, piercing the $0.0000083 support level and testing $0.0000059 in the process. The price appears to rise as the negative trend seems to have subsided as the resistance level of $0.0000083 is tested.
A bullish signal is being given by the fact that Shiba Inu is currently trading above both the 9-period and 21-period exponential moving averages. The 53 levels of the Relative Strength Index show a bullish trend.
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