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The bears are dominating SHIB market
SHIBUSD Price Analysis – August 31
Further increase in the sellers’ momentum may break down $0.000012, $0.000011 support levels and the support level of $0.000010 may be tested. In case the buyers defend the support level of $0.000012, SHIB may reverse and penetrate $0.000013 upside, $0.000014 and $0.000015 may be reached.
Key levels:
Resistance levels: $0.000013, $0.000014, $0.000015
Support levels: $0.000012, $0.000011, $0.000010
SHIBUSD Long-term Trend: Bearish
On the daily chart, SHIBUSD is on the bearish movement. Last week, the strong bullish momentum that pushed the price to the resistance level of $0.000017 could not penetrate the mentioned level upside. Sellers interrupted the increase and a strong daily bearish candle formed which made the coin decrease to $0.000012 support level on August 24. Sellers gained more pressure and break down the just mentioned level to test the $0.000011 level.
The fast Moving Average (9 periods EMA) remains below the slow Moving Average (21 periods EMA) and the price is trading below the two EMAs as a sign of bearish movement. Further increase in the sellers’ momentum may break down $0.000012, $0.000011 support levels and the support level of $0.000010 may be tested. In case the buyers defend the support level of $0.000012, price may reverse and penetrate $0.000013 upside, $0.000014 and $0.000015 may be reached. However, the relative strength index period 14 is at 47 levels pointing down to indicate sell signal.
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SHIBUSD medium-term Trend: Bearish, TAMA to Pump Furiously
SHIBUSD is bearish in the 4-hour chart. The coin decline from the resistance level of $0.000017 to the support level of $0.000012. It consolidates for few days before sellers gained enough pressure which break down the $0.000012. The price decreases and tested the support level of $0.000011
The currency is trading below the 21 periods EMA and 9 periods EMA and the two EMAs are close to each other which indicates a low momentum in Shiba Inu market. The relative strength index period 14 is at 46 levels and the signal lines is exhibiting sell signal.
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