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Further increase of SHIB price envisaged
Shiba Inu (SHIB) Price Analysis: 30 July
SHIB may breach the $0.00000919 resistance level and test the $0.00000985 and $0.00001041 levels if buyers maintain their momentum. The price of the cryptocurrency may drop below $0.00000839 and approach the support levels of $0.00000740 and $0.00000682 if bears are successful in holding the $0.00000919 level.
Key Levels:
Resistance Levels: $0.00000919, $0.00000985, $0.00001041
Support Levels: $0.00000839, $0.00000740, $0.00000682
SHBUSD Long-term Trend: Bullish
Shiba Inu’s daily chart shows a rising trend. Five weeks ago, the coin’s value ranged between $0.0000091 and $0.00000792. On June 5, sellers exerted pressure on the price, and it decline to the $0.00000594 support level, it immediately began to fall two weeks later. A short “W” chart pattern has been produced by the price movement, which suggests that buyers are gaining momentum to control the SHIB market. The resistance level of $0.00000845 is already broken upside.
The price is currently trading above the two EMAs after the 9-period EMA crossed above the 21-period EMA. Price may breach the $0.00000919 resistance level and test the $0.00000985 and $0.00001041 levels if buyers maintain their momentum. The price of the cryptocurrency may drop below $0.00000839 and approach the support levels of $0.00000740 and $0.00000682 if bears are successful in holding the $0.00000919 level. The relative index period 14’s recommendation to buy at level 63 serves as a buy signal.
SHIBUSD Price Medium-term Trend: Bullish
Shiba Inu’s 4-hour chart reveals a rising trend. When the cryptocurrency’s value dropped below $0.00000594 over the previous five weeks, selling exceeded buying. The price was forced lower at the aforementioned level by the sellers’ fervor, piercing the $0.00000837 support level and reaching $0.00000594. Last week, the price ranged between $0.00000893 and $0.00000740 and later broke upside $0.00000893 level.
Shiba Inu is currently trading above the 9- and 21-period exponential moving averages indicating a bullish market. The 62 levels of the Relative Strength Index indicate a sell, which may be a pullback.
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