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Bullish Trend May Commence in SHIB market
Shiba Inu (SHIB) Price Analysis: 16 July
If buyers keep up their push, Shiba Inu may pass through the $0.00000792 resistance level and test the $0.00000919 and $0.00000985 levels. The cost of the cryptocurrency may drop below $0.00000761 and reach the support levels of $0.00000739 and $0.00000594 if bears are successful in holding the $0.00000792 level.
Key Levels:
Resistance Levels: $0.00000792, $0.00000919, $0.00000985
Support Levels: $0.00000761, $0.00000739, $0.00000594
SHBUSD Long-term Trend: Bullish
The daily chart for Shiba Inu exhibits a positive trend. Five weeks ago, the coin’s value varied, ranging from $0.0000091 to $0.00000792. Sellers pressured the price on June 5, driving it below the $0.00000739 support level and toward the $0.00000594 level. After the price reached the $0.00000594 support level two weeks, it immediately fell. As buyers now have control over the market, the price action has formed a short “W” chart pattern.
After the 9-period EMA went above the 21-period EMA, the price is now rising above the two EMAs. If buyers keep up their push, prices may pass through the $0.00000792 resistance level and test the $0.00000919 and $0.00000985 levels. The cost of the cryptocurrency may drop below $0.00000761 and reach the support levels of $0.00000739 and $0.00000594 if bears are successful in holding the $0.00000792 level. The relative index period 14 suggesting up at level 55 offers a buy signal.
SHIBUSD Price Medium-term Trend: Bullish
Shiba Inu’s 4-hour chart indicates a bullish trend. When the cryptocurrency’s value dropped below $0.00000594 over the previous five weeks, selling exceeded buying. The sellers’ fervor at the aforementioned level drove the price lower, breaching the $0.0000083 support level and touching $0.00000594. The price seems to be bouncing up from the support level mentioned. The price is trying to break up the $0.00000792 level.
Shiba Inu is currently trading above the exponential moving averages of 9 and 21 periods. The Relative Strength Index’s 48 levels point to a downward trend indicating sell signal which may be a pullback.
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