Shiba Inu (SHIBUSD) May Bounce-off off the Support Line Soon
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Shiba Inu (SHIBUSD) Price Forecast: March 1
The SHIBUSD pair may likely bounce off the support line and break up the resistance level at $0.00001590 soon. Thus, a sharp breakout and closure above the current correction phase at the $0.00001318 high value will invalidate any bearish thesis and the price might hit the high of $0.00002000 upper level and beyond.
Key Levels:
Resistance Levels: $0.00001400, $0.00001500, $0.00001600
Support Levels: $0.000011, $0.000010, $0.000009
SHIB (USD) Long-term Trend: Bullish (Daily Chart)
Shiba Inu remains bullish on the higher time frames. This is clear as we can see the prices trading above the EMA-9.
The sustained bullish pressure pushed the currency pair up to the $0.00001377 supply level during yesterday’s session and sustained it. This has made it capable for the coin to remain in an uptrend.
The price responded to the shift in the market structure and is currently below the moving averages at the $0.00001226 low value as the daily chart opens today.
Meanwhile, the current price at a $0.00001226 low value below the supply trend lines has not stale the market condition of the crypto. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Meanwhile, further downsides are unlikely as the market price of SHIBUSD has reached the oversold region. The coin will resume an uptrend soon, so we can now grow in confidence that a potential buyer is coming near. If this is achieved, a $0.00002000 high value might be the target in the coming days in its long-term outlook.
SHIB (USD) Medium-term Trend: Bearish (4HChart)
The Shiba-Inu price is forming lower lows and lower highs on its long-term chart. Further, the price is trading below the two EMAs; which means that it’s in a bearish market zone at the moment.
The bears’ pressure on the crypto in the past few hours has dropped the price below the supply trend levels in its recent low.
The bears made a drop to a $0.00001226 support level below the two EMAs shortly after today’s 4-hour session opens. Thus buyers who invest in this trend will also make profitable gains in the future.
Further, the market is now pointing up below the 3% range of the daily stochastic. This means the crypto market is oversold and the emergence of the bulls is crucial at this moment. Hence, the bulls are expected to turn around the price of SHIBUSD and may likely reach the $0.00002000 supply value in the days ahead in its medium-term outlook.
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