Shiba Inu (SHIB) Price: Will There Be a Bullish Reversal at $0.0000083 Level?

Bullish movement may commence in SHIB market

Shiba Inu (SHIB) Price Analysis: 21 May

SHIB may drop below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels as a result of sellers’ pressure. If the price of the cryptocurrency is able to successfully increase above $0.0000091, 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: Bearish

Shiba Inu is on the bearish movement on the daily chart. Sellers’ momentum pushed the price to reach the support level of $0.0000083 on 08 May.  After it crossed the $0.000102 cutoff, the price was reduced. The bears were able to effectively break through the level due to the bears’ strong momentum. When the price fell below the $0.0000098 support level, a strong bearish engulfing candle formed. After surpassing the threshold at $0.0000091, the price tested $0.0000083 level. Bears and bulls lose momentum and the price is consolidating at the moment between $0.0000091 and $0.0000083 levels.

After the 9-period EMA crossed below the 21-period EMA, the price is trading below the two EMAS. Price may drop below the $0.0000083 support level and test the $0.0000073 and $0.0000077 levels as a result of sellers’ pressure. If the price of the cryptocurrency is able to successfully increase above $0.0000091, the resistance levels of $0.00000098 and $0.0000102 might be attained. A ranging signal is present when the relative index period 14 is parallel at 27 levels.

SHIBUSD Price Medium-term Trend: Ranging

Shiba Inu is in the 4-hour chart. When the cryptocurrency penetrated $0.0000102 downside last three weeks, sellers ultimately prevailed over buyers. As sellers stood their ground against the aforementioned resistance level, the price was forced down until it breached the support level of $0.0000091 and tested $0.0000083. Bulls’ and Bears’ momentum become weak and prices started a consolidating movement.

Shiba Inu is currently hovering over 9- periods and 21 periods EMA, indicating a ranging signal. The Relative Strength Index’s 44 levels indicate a bullish.

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