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Shiba Inu (SHIB) Price Is Under Bears’ Pressure

Azeez Mustapha
Updated 1 min read
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Shiba Inu (SHIB) Price Is Under Bears’ Pressure

Sellers’ momentum is increasing in Shiba Inu market

Shiba Inu (SHIB) Price Analysis: 21 January

Sellers may force SHIB to break down the $0.0000087 and $0.0000079 levels if they can drive the price below the $0.0000094 support level. If bulls can hold the $0.0000094 level, the price of the cryptocurrency may increase above $0.00000944 and reach the resistance levels of $0.0000105 and $0.0000113

Key Levels:

Resistance Levels: $0.00000944, $0.0000105, $0.0000113

Support Levels: $0.0000094, $0.0000087, $0.0000079

SHIBUSD

Long-term Trend: Bearish

The daily chart for Shiba Inus is moving lower. Buyers dominated the SHIB market two weeks ago. The price broke through the barrier at $0.000011. A strong bearish candle for the day has appeared, indicating that sellers are ready to enter the market. On January 3, the daily candle dropped below the previous support level of $0.000009, indicating that bears rather than bulls drove the market lower.

SHIB is currently trading below the indication of the Hull Suite. Sellers may force SHIB to break down the $0.0000087 and $0.0000079 levels if they can drive the price below the $0.0000094 support level. If bulls can hold the $0.0000094 level, the price of the cryptocurrency may increase above $0.00000944 and reach the resistance levels of $0.0000105 and $0.0000113.

SHIBUSD Price Medium-term Trend: Bearish

Shiba Inu’s four-hour pricing chart shows how much of a negative shift there has been. Because there have been more sales than purchases during the last few weeks, the currency’s value has decreased by less than $0.000010. The dealers’ zeal caused the price to drop to $0.000095. As the sellers gain more traction, the price can decrease.

Bears are exerting pressure on the price of Shiba Inus based on the Hull Suite indicator, which indicates a sell market with a bearish signal and the QQE MOD below zero level.

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