The bulls’ are dominating Shiba Inu
SHIBUSD Price Analysis – August 17
In case the bears defend the resistance level of $0.000016, Shiba Inu may reverse and penetrate $0.000015 downside, $0.000013 and $0.000012 may be tested. Further increase in the bulls’ momentum may break up $0.000016 and the resistance level of $0.00001 and $0.000018 may be tested.
Resistance levels: $0.000016, $0.000017, $0.000018
Support levels: $0.000015, $0.000013, $0.000012
SHIBUSD Long-term Trend: Bullish
SHIBUSD is on the bullish movement on the daily chart. The bulls has been dominating the market since July 27. The bulls momentum is gradually increasing. On August 14 Bulls gain enough momentum to break up the resistance levels of #0.000013 and $0.000015. Shiba Inu price increases and tested resistance level of $0.000016. The bulls’ momentum fails and the price pulled back. The price is currently testing the support level of $0.000015.
The slow Moving Average (21 periods) is below the fast Moving Average (9 periods EMA) and the price is trading above the two EMAs at distance as a sign of strong bullish movement. In case the bears defend the resistance level of $0.000016, price may reverse and penetrate $0.000015 downside, $0.000013 and $0.000012 may be tested. Further increase in the bulls’ momentum may break up $0.000016 and the resistance level of $0.00001 and $0.000018 may be tested. However, the relative strength index period 14 is at 66 levels pointing down to indicate sell signal.
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SHIBUSD medium-term Trend: Bearish, Tamadoge Increases
SHIBUSD is bearish in the 4-hour chart. The bullish trend which commenced last week place the price at the resistance level of $0.000017. There was a sharp declination of the price due to opposition from the bears. Price fell to $0.000015 and it started a consolidating movement within the $0.000014 and $0.000014 levels.
The currency is trading around 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.
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