Shiba Inu (SHIB) Price May Experience a Bullish Reversal at $0.0000083 Level

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Bullish movement may commence in SHIB market

Shiba Inu (SHIB) Price Analysis: 14 May

Due to sellers’ pressure, SHIB may decline below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels. The resistance levels of $0.00000098 and $0.0000102 might be reached if the price of the cryptocurrency is able to successfully rise beyond $0.0000083

Key Levels:

Resistance Levels: $0.0000091, $0.0000098, $0.0000102

Support Levels: $0.0000083, $0.00000073, $0.0000077

SHBUSD Long-term Trend: Bearish

Shiba Inu is on the bearish movement on the daily chart. Sellers have been dominating the market since February. The price was turned down after it reached the threshold of $0.000118. The tremendous momentum of the bears prevented the bulls from successfully breaking through the level. A robust bearish engulfing candle emerged when the price dropped below the $0.0000098 support level. The price exposes to $0.0000083 after passing the milestone at $0.0000091.

 

The price is currently trading below the two EMAS after the 9-period EMA crossed below the 21-period EMA. Due to sellers’ pressure, price may decline below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels. The resistance levels of $0.00000098 and $0.0000102 might be reached if the price of the cryptocurrency is able to successfully rise beyond $0.0000083. Relative index period 14 is pointing upward at 29 levels, which is a buy signal.

SHIBUSD Price Medium-term Trend: Bearish

Shiba Inu is bearish on the 4-hour chart. After the cryptocurrency fluctuated between $0.0000113 and $0.0000098 over the previous three weeks, sellers ultimately won out over buyers. As sellers stood their ground against the aforementioned resistance level, the price was forced down until it breached the $0.0000091 support level. The support level of $0.0000083 is being tested by the price.

Shiba Inu is currently trading slightly above the dynamic levels, indicating a buy signal. The Relative Strength Index’s 49 levels indicate a bullish.

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