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Bullish Trend May Continue in SHIB market
Shiba Inu (SHIB) Price Analysis: 25 July
Should buyers continue their drive, price may break over the $0.00000839 resistance level and challenge the $0.00000919 and $0.00000985 levels. If bears are successful in holding the $0.00000839 level, the price of the cryptocurrency may decline below $0.00000740 and approach the support levels of $0.00000682 and $0.00000594
Key Levels:
Resistance Levels: $0.00000839, $0.00000919, $0.00000985
Support Levels: $0.00000740, $0.00000682, $0.00000594
SHBUSD Long-term Trend: Bullish
Shiba Inu’s daily chart shows a rising trend. The coin’s value fluctuated five weeks ago, ranging from $0.0000091 to $0.00000792. On June 5, sellers applied pressure to the price, pushing it away from the $0.00000739 level and toward the $0.00000594 level. Two weeks after the price reached the $0.00000594 support level, it started to decline right away. The price action has created a short “W” chart pattern, indicating that buyers are gathering momentum to dominate SHIB market.
The price is currently trading around the two EMAs after the 9-period EMA crossed above the 21-period EMA. Should buyers continue their drive, price may break over the $0.00000839 resistance level and challenge the $0.00000919 and $0.00000985 levels. If bears are successful in holding the $0.00000839 level, the price of the SHIB may decline below $0.00000740 and approach the support levels of $0.00000682 and $0.00000594. A purchase signal is provided by the relative index period 14 recommending up at level 52.
SHIBUSD Price Medium-term Trend: Bullish
The 4-hour chart for Shiba Inu shows a positive trend. Over the preceding five weeks, selling outpaced purchasing when the cryptocurrency’s value fell below $0.00000594. At the aforementioned level, the price was driven lower by the sellers’ enthusiasm, breaking through the $0.00000837 support level and reaching $0.00000594. The price appears to be rising from the indicated support level. Price is currently fluctuating between $0.00000893 and $0.00000740 levels.
Shiba Inu is currently trading around the 9- and 21-period exponential moving averages indicating ranging market. The 54 levels of the Relative Strength Index indicate a positive trend, indicating a buy signal.
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