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Shiba Inu may retest the previous high
Shiba Inu (SHIB) Price Analysis: 24 December
If buyers can push the price above the $0.0000113 resistance level, they might compel SHIB to break up the $0.0000118 and $0.0000125 levels. The price of the cryptocurrency may drop below $0.0000104 and reach the support levels of $0.0000101 and $0.0000098 if bears are successful in holding the $0.0000113 level.
Key Levels:
Resistance Levels: $0.0000113, $0.0000118, $0.0000125
Support Levels: $0.0000104, $0.0000101, $0.0000098
SHIBUSD
Long-term Trend: Bullish
The daily chart for Shiba Inu indicates an upward trend. Last two weeks, the coin’s price moved between the $0.0000098 and $0.0000083 levels for a few days before the bulls finally defeated the bears. The daily candle closed above the prior resistance level of $0.0000098 on December 5, suggesting that bulls were pushing the market higher instead of bears. After passing through the $0.0000098 barrier, the price tested the $0.0000118 barrier last week. It pulled back to retest $0.0000101 level. At the moment, the price is moving towards the previous high.
At the moment, SHIB is trading above both EMAs. If buyers push the price above the $0.0000113 resistance level, they might compel SHIB to break up the $0.0000118 and $0.0000125 levels. The price of the cryptocurrency may drop below $0.0000104 and reach the support levels of $0.0000101 and $0.0000098 if bears are successful in holding the $0.0000113 level.
SHIBUSD Price Medium-term Trend: Bullish
The Shiba Inu 4-hour pricing chart shows how volatile the market is. Because there have been more purchases than sales over the previous week, the currency’s value has climbed by more than $0.0000113. The buyers’ zeal caused the price to rise to $0.0000118. The price of SHIB surged to the previously mentioned level due to strong buyers and weak sellers. At the moment, the price is retracing towards $0000113 level.
According to the exponential moving averages with periods of nine and twenty-one, the price of Shiba Inu is volatile right now. At levels of 55, the Relative Strength Index is displaying a sell market with a negative signal.
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