SHIB May Test the June Low

SHIB is under bears’ pressure

SHIBUSD Price Analysis – 20 November

Should the sellers’ momentum increase further and break down the $0.0000073 level, SHIB may decrease further to the $0.0000061 level and the support level of $0.0000054 may be tested. In case the bears’ momentum fails at $0.0000073, the price may increase and penetrate $0.0000092 upside, and $0.000013 and $0.000015 may be tested.

Key levels:

Resistance levels: $0.0000092, $0.000013, $0.000014, $0.000015

Support levels: $0.0000073, $0.0000061, $0.0000054

SHIBUSD Long-term Trend:  Bearish

SHIBUSD is on a bearish movement on the daily chart. The sporadic increase in the price of the SHIB place the coin at the high level of $0.000016 on 14 August. The resistance level just mentioned rejected further increase. The price decreases as the sellers’ pressure increases. The bearish momentum broke down support levels of $0.0000013. The price targets the support level of $0.0000073, which is the previous low of 18 June.

SHIB is trading below the two EMAs as a sign of a bearish movement. The fast Moving Average (9-periods EMA) has crossed the slow Moving Average (21-periods EMA) downside. Should the sellers’ momentum increase further and break down the $0.0000073 level, the price may decrease further to the $0.0000061 level and the support level of $0.0000054 may be tested. In case the bears’ momentum fails at $0.0000073, SHIB may increase and penetrate $0.0000092 upside, $0.000013 and $0.000015 may be tested. However, the relative strength index period 14 is at 38 levels displaying a bearish direction.

 SHIBUSD medium-term Trend: Bearish

SHIBUSD is bearish in the 4-hour chart. The resistance level of $0.000012 holds and the bears’ pressure increases to break down $0.0000092. The price is heading toward the support level of $0.0000073. The low of June may be tested.

The coin is trading below the 21-periods EMA and 9-periods EMA. The fast-moving EMA is below the slow-moving EMA, indicating a strong bearish momentum in the Shiba Inu market. The relative strength index period 14 is at 37 levels and the signal lines are exhibiting a bearish signal. As the SHIB is decreasing, there is another coin called Dash 2 Trade that is increasing at the moment.

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