Bearish movement may continue in SHIB market
Shiba Inu (SHIB) Price Analysis: 30 April
Due to sellers’ pressure, Shiba Inu may decline below the $0.0000098 support level and test the $0.0000092 and $0.0000083 levels. The resistance levels of $0.0000113 and $0.0000118 might be reached if the price of the cryptocurrency can successfully rise over $0.000014
Key Levels:
Resistance Levels: $0.0000104, $0.0000113, $0.0000118
Support Levels: $0.0000098, $0.000092, $0.0000083
SHBUSD Long-term Trend: Bearish
On the daily chart, Shiba Inu is on a bearish movement. A few weeks ago, the buyers started to dominate the market. The price was rejected at the $0.000118 barrier level. The bears’ dominant momentum prevented the bulls from breaking through the level successfully. A powerful bearish engulfing candle emerged, and the price dropped to the $0.0000104 support level. The price exposes to $0.0000098 after breaking through the previously indicated milestone.
The price is trading below the two EMAS after the 9-period EMA crossed below the 21-period EMA. Due to sellers’ pressure, SHIB may decline below the $0.0000098 support level and test the $0.0000092 and $0.0000083 levels. The resistance levels of $0.0000113 and $0.0000118 might be reached if the cryptocurrency price can rise over $0.000014. Sell is indicated by the relative index period 14 being at 37 levels and pointing downward.
SHIBUSD Price Medium-term Trend: Ranging
Shiba Inu is consolidating on the 4-hour chart. After the cryptocurrency fluctuated between $0.0000113 and $0.0000104 over the past two weeks, sellers eventually won out over buyers. Sellers defended the previously noted resistance level and drove the price lower to breach the $0.0000104 support level. The price continues to consolidate between the $0.000010 and $0.0000098 levels.
Shiba Inu trades around the dynamic levels, indicating a ranging market. The Relative Strength Index’s 45 levels indicate a bearish trend.
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