Shiba Inu (SHIB) Price: Sellers Continue Dominating Market

Support Level of $0.00000739 may be retested

Shiba Inu (SHIB) Price Analysis: 03 September

Shiba Inu may increase past $0.00000838 and hit the resistance levels of $0.00000919 and $0.00000594 if bulls are successful in holding the $0.00000739 level.

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. When bulls were in control of the market over the past month, the price of SHIB rose.  The brief “W” chart pattern’s support levels of $0.00000594 and $0.00000682 marked the beginning of a bullish trend. After the previous resistance level was broken upward, the resistance level of $0.00001134 was tested. Sellers defended the aforementioned level. An inverted pin bar that represented the beginning of a bearish trend was formed at the same price level. The $0.00000739 support level was tested on 22 August and it remains within $0.00000838 and $0.00000739.

After the 9-period EMA passed below the 21-period EMA, SHIB is currently trading below the two EMAs. If sellers maintain their enthusiasm, they may test the $0.00000682 and $0.00000594 levels as price tries to break through the $0.00000739 support level. The price of the cryptocurrency may increase past $0.00000838 and hit the resistance levels of $0.00000919 and $0.00000594 if bulls are successful in holding the $0.00000739 level. The relative strength index period 14 at level 38 gives a sell signal.

SHIBUSD Price Medium-term Trend: Bearish

The 4-hour chart for Shiba Inu shows a downward trend. The coin’s value increased to $0.00001134 over the last three weeks as purchasing outweighed selling. SHIB increased to the predetermined amount as a result of the buyers’ enthusiasm. At $0.00001134 level, purchasers were opposed by Sellers. Sellers broke through the $0.00000919 and $0.00000838 support levels.  The $0.00000739 level is now being retested by the price.

Indicating a bearish market, Shiba Inu is currently trading below the 9- and 21-period exponential moving averages. The Relative Strength Index’s 31 levels signal a sell.

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