Bears are dominating SHIB market, targeting previous low
SHIBUSD Price Analysis – September 28
An increase in the sellers’ momentum may break down $0.000010, $0.000009 levels and targeting previous low at $0.000008 may be tested. In case the buyers defend the support level of $0.000010, SHIB may reverse and penetrate $0.000011 upside, $0.000012 and $0.000013 may be reached.
Key levels:
Resistance levels: $0.000011, $0.000012, $0.000013
Support levels: $0.000010, $0.000009, $0.000008
SHIBUSD Long-term Trend: Bearish
On the daily chart, SHIBUSD is on the bearish movement. The formation of descending channel confirmed a bearish movement in the daily time frame. The crypto tried to break up the resistance level of $0.000011 on September 24 but the sellers opposed the movement. The sellers’ momentum increased and the price is reducing accordingly. The price is currently targeting the previous low at $0.000005 level.
The price is trading below the two EMAs as a sign of bearish movement. The fast Moving Average (9 periods EMA) has crossed the slow Moving Average (21 periods EMA) downside. An increase in the sellers’ momentum may break down $0.000010, $0.000009 levels and the support level of $0.000008 may be tested. In case the buyers defend the support level of $0.000010, price may reverse and penetrate $0.000011 upside, $0.000012 and $0.000013 may be reached. However, the relative strength index period 14 is at 42 levels pointing downside to indicate sell signal.
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SHIBUSD medium-term Trend: Bearish
SHIBUSD is bearish in the 4-hour chart. The price action formed a descending channel in medium-term trend. The price tested the upper trend line and bounced off the level. More pressure from the sellers produces bearish candles. The price is heading towards $0.000010 support level.
The coin is trading below the 21 periods EMA and 9 periods EMA. The two EMAs are separated from each other which indicates an increase in the bearish momentum in Shiba Inu market. The relative strength index period 14 is at 44 levels and the signal lines is exhibiting sell signal.
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