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Ranging movement in SHIB market
Shiba Inu (SHIB) Price Analysis: 08 October
If bulls are successful in holding the $0.00000682 level, the price of the Shiba Inu may rise past $0.00000767 and hit the resistance levels of $0.00000838 and $0.00000919. According to the relative strength index for period 14, level 42 should be purchased.
Key Levels:
Resistance Levels: $0.00000767, $0.00000838, $0.00000919
Support Levels: $0.00000682, $0.00000594, $0.00000420
SHIBUSD Long-term Trend: Ranging
A range trend may be seen on the Shiba Inu’s daily chart. The cryptocurrency has been hanging between the $0.00000767 resistance level and the $0.00000682 support level ever since September 11. As the daily candle tested the resistance level of $0.00000767 on September 23, it appears that the bulls’ pressure is outweighing the bears. The price has continued to fluctuate between the aforementioned levels as the sellers have resisted the buyer’s movement.
SHIB is now trading above and near the two EMAs. Sellers may push SHIB to test the $0.00000594 and $0.00000420 levels if they are motivated and the price breaks through the $0.00000682 support level. If bulls are successful in holding the $0.00000682 level, the price of the cryptocurrency may rise past $0.00000767 and hit the resistance levels of $0.00000838 and $0.00000919. According to the relative strength index for period 14, level 42 should be purchased.
SHIBUSD Price Medium-term Trend: Ranging
The 4-hour pricing chart for Shiba Inu shows a fluctuating market. Because selling has exceeded buying over the last three weeks, the coin’s value fell to $0.00000682. The sellers’ zeal caused the price to fall to the preset level. Last week, when there were more sellers than buyers, the SHIB price dropped to $0.00000682. By purchasing pressure, the aforementioned support level has been preserved. The price is currently in the range of $0.00000682 and $0.00000767.
Prices for Shiba Inu are now fluctuating around the 9- and 21-period exponential moving averages. 46 levels on the Relative Strength Index indicate a buy.
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