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Sellers are dominating SHIB market
Shiba Inu (SHIB) Price Analysis: 27 August
Shiba Inu is attempting to break through the $0.00000739 support level, and if sellers keep up their zeal, they may test the $0.00000682 and $0.00000594 levels. If bulls are successful in holding the $0.00000739 level, the price of Shiba Inu may rise beyond $0.00000838 and approach the resistance levels of $0.00000919 and $0.0000095
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 SHIB price increased throughout the last month while the coin was controlled by bulls. The bullish trend started at the $0.00000594 and $0.00000682 levels of support for the short “W” chart pattern. The resistance level of $0.00001134 was tried after the preceding resistance level was breached upward. Sellers defended the level above. At the same level, an inverted pin bar was formed, signaling the start of a bearish trend. Last week, the $0.00000739 support level was put to the test.
SHIB is trading below the two EMAs after the 9-period EMA crossed below the 21-period EMA. Price is attempting to break through the $0.00000739 support level, and if sellers keep up their zeal, they may test the $0.00000682 and $0.00000594 levels. If bulls are successful in holding the $0.00000739 level, the price of the cryptocurrency may rise beyond $0.00000838 and approach the resistance levels of $0.00000919 and $0.0000095. A sell signal is provided by the relative strength index period 14 at level 42.
SHIBUSD Price Medium-term Trend: Bearish
Shiba Inu’s 4-hour chart reveals a falling trend. Since buying outweighed selling over the past three weeks, the coin’s value has grown to $0.00001134. Due to the buyers’ eagerness, the price rose to the previously specified level. Sellers opposed buyers at $0.00001134 level. The support levels of $0.00000919 and $0.00000838 were breached by sellers. Price is currently retesting the $0.00000739 level.
Indicating a bearish market, Shiba Inu is currently trading below the 9- and 21-period exponential moving averages. The Relative Strength Index’s 44 levels signal a downturn, which might be a purchase.
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