Bullish momentum may increase in SHIB market
Shiba Inu (SHIB) Price Analysis: 18 June
Shiba Inu may drop below the $0.0000059 support level and test the $0.0000050 and $0.0000045 levels if sellers keep up their pressure. The price of the cryptocurrency may rise above $0.0000073 and reach the resistance levels of $0.00000083 and $0.0000091 if bulls are successful in holding the $0.0000059 level.
Key Levels:
Resistance Levels: $0.0000073, $0.0000083, $0.0000091
Support Levels: $0.0000059, $0.0000050, $0.0000045
SHBUSD Long-term Trend: Bearish
Shiba Inu’s daily chart shows a bearish trend. The cryptocurrency had a fluctuating week between $0.0000091 and $0.0000083, it was dangling. On June 5, sellers applied pressure, breaking the $0.0000083 support level to the downside and driving the price down to the $0.0000073 level. Last week, the price retreated after reaching the $0.0000059 support level. Right now, buyers are trying to dominate the market.
After the 9-period EMA crossed below the 21-period EMA, the price is now moving below the two EMAs. Shiba Inu may drop below the $0.0000059 support level and test the $0.0000050 and $0.0000045 levels if sellers keep up their pressure. The price of the cryptocurrency may rise above $0.0000073 and reach the resistance levels of $0.00000083 and $0.0000091 if bulls are successful in holding the $0.0000059 level. The relative index period 14 is pointing upward at level 39, which is a buy signal.
SHIBUSD Price Medium-term Trend: Bullish
On the 4-hour chart, Shiba Inu is bullish. Selling outweighed buying in the past four weeks, when the cryptocurrency fell to a negative value of $0.0000091. At the aforementioned level, the price was forced lower by the sellers’ impetus, breaking through the $0.0000083 support level and testing $0.0000059 in the process. It seems the downward momentum is abated, and the price has started to rise.
Shiba Inu is currently trading above the 9-period and 21-period exponential moving averages, providing a bullish signal. The Relative Strength Index’s 64 levels indicate a bullish movement.
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