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Shiba Inu may decrease further
Shiba Inu (SHIB) Price Analysis: 20 August
Shiba Inu is trying to breach the $0.00000739 support level and may test the $0.00000682 and $0.00000594 levels if sellers maintain their zeal. The price of the cryptocurrency may increase above $0.00000838 and approach the resistance levels of $0.00000919 and $0.0000095 if bulls are successful in holding the $0.00000739 level.
Key Levels:
Resistance Levels: $0.00000838, $0.00000919, $0.0000095
Support Levels: $0.00000739, $0.00000682, $0.00000594
SHIBUSD Long-term Trend: Bearish
Shiba Inu is bearish on the daily chart. The coin was under the control of bulls last two weeks, there was an increase in the SHIB price. A short “W” chart pattern triggered a bullish trend at the $0.00000594 and $0.00000682 levels of support. The earlier resistance level was broken upward and the resistance level of $0.00001134 was tested. Sellers defended the just-mentioned level. An inverted pin bar was created at the same level and a bearish trend commenced. The support level of $0.00000739 was tested last week.
The 9-period EMA crossed below the 21-period EMA, SHIB is trading below the two EMAs. Price is trying to breach the $0.00000739 support level and may test the $0.00000682 and $0.00000594 levels if sellers maintain their zeal. The cost of the cryptocurrency may increase above $0.00000838 and approach the resistance levels of $0.00000919 and $0.0000095 if bulls are successful in holding the $0.00000739 level. The relative strength index period 14 at level 43 gives a sell signal.
SHIBUSD Price Medium-term Trend: Bearish
Shiba Inu’s 4-hour chart reveals a falling trend. The coin increased to $0.00001134 during the last three weeks since purchasing outnumbered selling. SHIB reached the just-mentioned level because of the enthusiasm of the buyers. Sellers broke down the support level of $0.00000919 and $0.00000838. Right now, the price is retesting $0.00000739 level.
Shiba Inu is currently trading below the 9- and 21-period exponential moving averages indicating bearish market. The 35 levels of the Relative Strength Index indicate a buy, which may be a pullback.
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