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Bullish movement may commence in SHIB market
Shiba Inu (SHIB) Price Analysis: 28 May
When sellers increase their pressure, SHIB may drop below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels. When bulls successfully hold the $0.0000083 level, the price of the cryptocurrency may increase above $0.0000091, and the resistance levels of $0.00000098 and $0.0000102 might be attained
Key Levels:
Resistance Levels: $0.0000091, $0.0000098, $0.0000102
Support Levels: $0.0000083, $0.00000073, $0.0000077
SHBUSD Long-term Trend: Ranging
Shiba Inu is on the ranging movement on the daily chart. When the sellers’ momentum pushed the price to reach the support level of $0.0000083 on 08 May. After it crossed the $0.000102 barrier, the price was reduced. The bears were able to effectively break through the level due to the bears’ strong momentum. Sellers have made attempts to break down the $0.0000083 level but buyers kept on defending it, his scenario leads to ranging movement between $0.0000091 and $0.0000083 levels.
The price is trading below the two EMAs after the 9-period EMA crossed below the 21-period EMA. When sellers increase their pressure, the price may drop below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels. When bulls successfully hold the $0.0000083 level, the price of the cryptocurrency may increase above $0.0000091, and the resistance levels of $0.00000098 and $0.0000102 might be attained. A bullish signal is present as the relative index period 14 is pointing upside at 40 levels.
SHIBUSD Price Medium-term Trend: Ranging
On the 4-hour chart, Shiba Inu is ranging. Last four weeks, when the cryptocurrency breached $0.0000102 on the downside, selling ultimately won out over purchasers. The price was forced down as sellers resisted the aforementioned resistance level, breaching the support level of $0.0000091 and testing $0.0000083 along the way. The momentum of the bulls and bears weakened, and the price began to consolidate.
As of right now, Shiba Inu is circling the 9-period and 21-period EMAs, indicating a range signal. The 56 levels of the Relative Strength Index show a sell.
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