The bulls’ are dominating Shiba Inu market
SHIBUSD Price Analysis – August 13
Further increase in the bulls’ momentum will make the Shiba Inu to break above the resistance level of $0.000012; above it are $0.000013 and $0.000016 resistance levels.
Key levels:
Resistance levels: $0.000012, $0.000013, $0.000016
Support levels: $0.000011, $0.000010, $0.000009
SHIBUSD Long-term Trend: Bullish
SHIBUSD is on the bullish movement on the daily chart. The coin bottomed at the support level of $0.000007 on 18 June. The sellers’ pressure failed and it bounced up with the formation of strong bullish candles. It pulled back and started a ranging movement within $0.000010 and $0.000011 levels. On July 18, the bulls gained more momentum and break up the resistance level of $0.000011, further price increase experienced and it tested $0.000012 resistance level.
The slow Moving Average (21 periods) is below the fast Moving Average (9 periods EMA) and the price is trading above the two EMAs as a sign of bullish movement. Further increase in the bulls’ momentum will make the price to break above the resistance level of $0.000012; above it are $0.000013 and $0.000016 resistance levels. Should the $0.000012 resistance level holds, the price may reverse and face the support level at $0.000011, further increase in the bears’ pressure may push down the price to $0.000010 and $0.000009. However, the relative strength index period 14 is at 62 levels pointing up slightly to indicate buy signal.
SHIBUSD medium-term Trend: Bullish
SHIBUSD is bullish in the 4-hour chart. The crypto is making a higher highs and higher lows on the 4-hour chart after the formation of double bottom chart pattern. The price is steadily increasing, broken up the resistance levels of $0.000010 and $0.000011 levels. It is trying to break up $0.000012 resistance level at the moment.
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 60 levels and the signal lines is exhibiting buy signal.
