Shiba Inu (SHIB) Price May Commence Bullish Movement

Buyers are gathering momentum in SHIB market

Shiba Inu (SHIB) Price Analysis: 24 September

Sellers may test the $0.00000594 and $0.00000420 levels if they are motivated and Shiba Inu breaks through the $0.00000682 support level. If bulls are successful in holding the $0.00000682 level, the price of the cryptocurrency may rise past $0.00000740 and hit the resistance levels of $0.00000838 and $0.00000919.

Key Levels:

Resistance Levels: $0.00000740, $0.00000838, $0.00000919

Support Levels: $0.00000682, $0.00000594, $0.00000420

SHIBUSD Long-term Trend: Bearish

The daily chart for Shiba Inus reveals a bearish trend. On September 4, the $0.00000740 support level was examined, and it was crossed. The price of SHIB increased last month when bulls controlled the market.  The support levels of $0.00000594 and $0.00000682 on the brief “W” chart pattern signaled the start of a bullish trend. The resistance level of $0.0000113 was tested. Sellers defended the level mentioned above. At the same price level, an inverted pin bar developed, indicating the start of a bearish trend. On August 22, an investigation was conducted, and the $0.00000740 support level was broken to test $0.00000682.

SHIB is currently trading over and around the two EMAs. Sellers may test the $0.00000594 and $0.00000420 levels if they are motivated and the price breaks through the $0.00000682 support level. If bulls are successful in holding the $0.00000682 level, the price of the cryptocurrency may rise past $0.00000740 and hit the resistance levels of $0.00000838 and $0.00000919. A buy signal is provided at level 44 by the period 14 relative strength index.

SHIBUSD Price Medium-term Trend: Bearish

The 4-hour pricing chart for Shiba Inu shows a decline. Because buying has exceeded selling over the last three weeks, the coin’s value fell to $0.00000740. The sellers’ zeal caused the price to fall to the preset level. The SHIB price dropped last week at the targeted level when sellers outnumbered purchasers. Selling pressure has surpassed the $0.00000740 support level.  The price is currently ranging between $0.00000682 and $0.00000740.

Shiba Inu is currently trading around the 9- and 21-period exponential moving averages, indicating a ranging market. The 51 levels of the Relative Strength Index indicate a sell.

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