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Shiba Inu is under bulls’ pressure
SHIBUSD Price Analysis – November 04
Should the buyers’ momentum increase further and break up $0.000012 level, price may increase further to $0.000013 levels and the resistance level of $0.000014 may be tested. In case the bulls’ momentum fail at $0.000012, Shiba Inu may decrease and penetrate $0.000011 downside, $0.000010 and $0.000009 may be tested.
Key levels:
Resistance levels: $0.000012, $0.000013, $0.000014
Support levels: $0.000011, $0.000010, $0.000009
SHIBUSD Long-term Trend: Bullish
On the daily chart, SHIBUSD is on the bullish movement. The buyers started dominating market since 26 October. This is the beginning of the breakout from the ranging movement that took place three weeks ago within resistance level of $0.000010 and the support level of $0.000009. Buyers exerted more pressure and the resistance level of $0.000011 is broken upside. SHIB increases to test the resistance level of $0.000012 last week. The coin is trading at the moment within $0.000012 and $0.000011 levels.
SHIB is trading above the two EMAs as a sign of bullish movement. The fast Moving Average (9 periods EMA) has crossed the slow Moving Average (21 periods EMA) upside. Should the buyers’ momentum increase further and break up $0.000012 level, price may increase further to $0.000013 levels and the resistance level of $0.000014 may be tested. In case the bulls’ momentum fail at $0.000012, price may decrease and penetrate $0.000011 downside, $0.000010 and $0.000009 may be tested. However, the relative strength index period 14 is at 61 levels displaying bullish direction.
SHIBUSD medium-term Trend: Bullish
SHIBUSD is bullish in the 4-hour chart. The support level of $0.000012 holds and the bears’ pressure could not break it down. The price bounced up and broke up the resistance level of $0.000012. Bears reacted against it and price dropped below the just mentioned level.
The coin is trading above the 21 periods EMA and 9 periods EMA. The fast moving EMA is above the slow moving EMA which indicates a strong bullish momentum in Shiba Inu market. The relative strength index period 14 is at 55 levels and the signal lines is exhibiting buy signal.
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