The bears are dominating Shiba Inu market
SHIBUSD Price Analysis – August 25
In case the bulls defend the support level of $0.000012, Shiba Inu may reverse and penetrate $0.000013 upside, $0.000014 and $0.000015 may be reached. Further increase in the bears’ momentum may break down $0.000012, $0.000011 support levels and the support level of $0.000010 may be tested.
Resistance levels: $0.000013, $0.000014, $0.000015
Support levels: $0.000012, $0.000011, $0.000010
SHIBUSD Long-term Trend: Bearish
Shiba Inu is on the bearish movement on the daily chart. On August 17, the bullish momentum pushed the price higher to the resistance level of $0.000017 when bulls dominated the Shiba Inu market last two weeks. Bears reacted against this increase and a strong daily bearish candle formed which made the coin decrease to $0.000012 support level. The price is consolidating around $0.000013 level.
The fast Moving Average (9 periods EMA) remains above the slow Moving Average (21 periods EMA) and the price is trading slightly above the two EMAs as a sign of bearish movement. In case the bulls defend the support level of $0.000012, price may reverse and penetrate $0.000013 upside, $0.000014 and $0.000015 may be reached. Further increase in the bears’ momentum may break down $0.000012, $0.000011 support levels and the support level of $0.000010 may be tested. However, the relative strength index period 14 is at 55 levels pointing up to indicate buy signal.
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SHIBUSD medium-term Trend: Bearish, There Is a Bullish Signal for Tamadoge
Shiba Inu is bearish in the 4-hour chart. Last two weeks, the resistance level of $0.000017 was reached when the bullish trend commenced. There was a sharp declination of the price due to opposition from the bears. Price fell to $0.000013 and it started a consolidating movement within the $0.000013 and $0.000014 levels.
The currency is trading above the 21 periods EMA and 9 periods EMA and the two EMAs are close to each other which indicates a low bullish momentum in Shiba Inu market. The relative strength index period 14 is at 56 levels and the signal lines is exhibiting sell signal.
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