Shiba Inu (SHIB) Price May Fall Below $0.0000098

Bearish movement may continue in SHIB market

Shiba Inu (SHIB) Price Analysis: 23 April

Price may drop below the $0.0000098 support level and test the $0.0000092 and $0.0000083 levels due to sellers’ pressure. If the cryptocurrency’s price can successfully go above $0.000014, it might reach the $0.0000113 and $0.0000118 resistance levels.

Key Levels:

Resistance Levels: $0.0000104, $0.0000113, $0.0000118

Support Levels: $0.0000098, $0.000092, $0.0000083

SHBUSD Long-term Trend: Bearish

Shiba Inu is on the bearish movement on the daily chart. The crypto was under the control of the bulls last week. The price increased to the resistance level of $0.000118. The bulls tried to break up the level but were unable due to the bears’ prevailing momentum. A strong bearish engulfing candle formed and the price declined to the support level of $0.0000104. The just-mentioned level was penetrated and the price exposes to $0.0000098.

The 9-period EMA has crossed the 21-period EMA downside and the price is trading below the two EMAS. Price may drop below the $0.0000098 support level and test the $0.0000092 and $0.0000083 levels due to sellers’ pressure. If the cryptocurrency’s price can successfully go above $0.000014, it might reach the $0.0000113 and $0.0000118 resistance levels. The relative index period 14 is at 37 levels pointing downside, indicating sell.

SHIBUSD Price Medium-term Trend: Bearish

Shiba Inu is bearish on the 4-hour chart. The sellers eventually prevailed over buyers after the cryptocurrency’s fluctuation between $0.0000113 and $0.0000104 last two weeks. Sellers defended the mentioned resistance level and pushed the price downside to break down the support level of $0.0000104 level. The price is currently heading toward the $0.0000098 support level.

Shiba Inu is trading below the dynamic levels, which suggests that the SHIB market may continue to move in a bearish trend. The 30 levels of the Relative Strength Index show a bearish direction.

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