The bears are dominating Shiba Inu market
SHIBUSD Price Analysis – September 06
An increase in the sellers’ momentum may break down $0.000011, $0.000010 support levels and the support level of $0.000009 may be tested. In case the buyers defend the support level of $0.000011, price may reverse and penetrate $0.000012 upside, $0.000013 and $0.000014 may be reached.
Resistance levels: $0.000012, $0.000013, $0.000014
Support levels: $0.000011, $0.000010, $0.000009
SHIBUSD Long-term Trend: Bearish
On the daily chart, SHIBUSD is on the bearish movement. Bearish movement continues in the Shiba Inu market. Last week, the strong bearish momentum pushed the price to the support level of $0.000012. Bearish pressure could not penetrate the mentioned level downside. The price pulled back to retest $0.000013. Sellers’ pressure increased and the price was pushed down to penetrate the support level of $0.000012, then, $0.000011 level was tested.
The fast Moving Average (9 periods EMA) remains below the slow Moving Average (21 periods EMA) and the price is trading between the two EMAs as a sign of bearish movement. An increase in the sellers’ momentum may break down $0.000011, $0.000010 support levels and the support level of $0.000009 may be tested. In case the buyers defend the support level of $0.000011, price may reverse and penetrate $0.000012 upside, $0.000013 and $0.000014 may be reached. However, the relative strength index period 14 is at 49 levels pointing down to indicate sell signal.
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SHIBUSD medium-term Trend: Ranging, Tamadoge Explodes Skywards
SHIBUSD is ranging in the 4-hour chart. When 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. Since then, the buyers’ momentum became weak, likewise sellers’ momentum and that led to price consolidations.
The currency is trading around the 21 periods EMA and 9 periods EMA and the two EMAs are interlocked to each other which indicates a low momentum in Shiba Inu market. The relative strength index period 14 is at 55 levels and the signal lines is parallel to the level.
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Image and article originally from insidebitcoins.com. Read the original article here.