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Bullish movement may commence in SHIB market
Shiba Inu (SHIB) Price Analysis: 04 June
SHIB may fall below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels if sellers apply further pressure. The price of the cryptocurrency may rise above $0.0000091 and reach the resistance levels of $0.00000098 and $0.0000102 if bulls are able to hold the $0.0000083 level.
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. On May 8, the price reached the support level of $0.0000083 due to the sellers’ momentum. SHIB dropped once it passed the $0.000102 threshold. The bears’ strong momentum allowed them to successfully break past the level. The $0.0000083 level was attempted to be broken down by sellers, but purchasers resisted, resulting in range movement between the $0.0000091 and $0.0000083 levels.
After the 9-period EMA crossed below the 21-period EMA, the price is currently trading around the two EMAs. Price may fall below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels if sellers apply further pressure. The price of the cryptocurrency may rise above $0.0000091 and reach the resistance levels of $0.00000098 and $0.0000102 if bulls are able to hold the $0.0000083 level. The relative index period 14 is pointing up at 43 levels, giving off a bullish signal.
SHIBUSD Price Medium-term Trend: Ranging
On the 4-hour chart, Shiba Inu is ranging. Selling prevailed over buying in the last four weeks when the cryptocurrency broke $0.0000102 on the negative. Sellers’ resistance at the aforementioned resistance level caused the price to be forced lower, violating the $0.0000091 support level and testing $0.0000083 in the process. Bullish and bearish momentum weakened, and the price started to consolidate.
Shiba Inu is currently circling the 9-period and 21-period exponential moving averages, providing a range signal. The Relative Strength Index’s 55 levels indicate a ranging movement.
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