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Bearish movement in Shiba Inu market
Shiba Inu (SHIB) Price Analysis: 17 December
Buyers may force Shiba Inu to break up the $0.0000118 and $0.0000125 levels if they can push the price over the resistance level of $0.0000113. If bears can hold the $0.0000113 level, the price of the cryptocurrency may go below $0.0000104 and approach the support levels of $0.0000101 and $0.0000098
Key Levels:
Resistance Levels: $0.0000113, $0.0000118, $0.0000125
Support Levels: $0.0000104, $0.0000101, $0.0000098
SHIBUSD
Long-term Trend: Bullish
Shiba Inus’s daily chart shows an upward trend. After a few days of little fluctuation in the coin’s price between the $0.0000098 and $0.0000083 levels, the bulls eventually overcame the bears. On December 5, the daily candle closed above the previous resistance level of $0.0000098, indicating that bulls rather than bears were driving the market higher. The price tested the $0.0000101 barrier after crossing over the $0.0000098 barrier. Bulls are gained ground, and the price increased to test $0.0000118 level but currently pulling back.
SHIB is currently trading above both EMAs. Buyers may force SHIB to break up the $0.0000118 and $0.0000125 levels if they push the price over the resistance level of $0.0000113. If bears can hold the $0.0000113 level, the price of the cryptocurrency may go below $0.0000104 and approach the support levels of $0.0000101 and $0.0000098.
SHIBUSD Price Medium-term Trend: Bullish
The 4-hour pricing chart for Shiba Inu demonstrates the volatility of the market. The value of the currency has increased by more than $0.0000113 over the past week due to more purchases than sales. The price increased to $0.0000118 due to the enthusiasm of the buyers. Weak sellers and strong buyers caused the price of SHIB to soar to just mentioned level. The price is currently carrying out retracement to $0000105 level.
The exponential moving averages with periods of 9 and 21 indicate that the price of Shiba Inu is currently less erratic. The Relative Strength Index shows a sell market with a negative signal at 55 levels.
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