The bears’ are dominating Shiba Inu market
SHIBUSD Price Analysis – August 21
Further increase in the bears’ momentum may break down $0.000013, $0.000011 support levels and the support level of $0.000010 may be tested. In case the bulls defend the support level of $0.000013, Shiba inu may reverse and penetrate $0.000014 upside, $0.000015 and $0.000016 may be reached
Key levels:
Resistance levels: $0.000014, $0.000015, $0.000016
Support levels: $0.000013, $0.000011, $0.000010
SHIBUSD Long-term Trend: Bearish
SHIBUSD is on the bearish movement on the daily chart. The bulls dominated the Shiba Inu market last week. The bullish momentum pushed the price higher to the resistance level of $0.000017 on August 17. Sellers reacts sharply against this increase and a strong daily bearish candle emerged which made the decreases to $0.000012 support level. The former support levels like $0.000015 and $0.000014 turned to resistance levels.
The fast Moving Average (9 periods EMA) remains above the slow Moving Average (21 periods EMA) and the price is trading below the two EMAs at distance as a sign of bearish movement. Further increase in the bears’ momentum may break down $0.000013, $0.000011 support levels and the support level of $0.000010 may be tested. In case the bulls defend the support level of $0.000013, price may reverse and penetrate $0.000014 upside, $0.000015 and $0.000016 may be reached. However, the relative strength index period 14 is at 51 levels pointing down to indicate sell signal.
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SHIBUSD medium-term Trend: Bearish, Tamadoge Ascends
SHIBUSD is bearish in the 4-hour chart. The resistance level of $0.000017 was reached last week 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 around 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 41 levels and the signal lines is exhibiting sell signal.
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