Shiba Inu (SHIBUSD) Buyers Still Show Strong Momentum in the Market

Market Analysis – Shiba Inu Sellers Make a Draw Back

Shiba Inu (SHIBUSD) buyers still show strong momentum in the market. Shiba Inu has had an impressive week, with a strong demonstration from the buyers in the market. Crypto buyers have been maintaining high momentum for weeks, which is evident from the momentum indicator on the daily chart. Last week, buyers easily penetrated the $0.000009000 significant level and continued their bullish momentum, posing a threat close to the $0.000001060 market zone.

SHIBUSD Market Levels

Resistance Levels: $0.000001060, $0.000001130 
Support Levels: $0.000009100, $0.000006600

However, the crypto price recently experienced a drawback, giving sellers a slight edge to make a comeback. Bears are making an effort to pull back, and this trend is likely to hold for a while in the Shiba Inu market. Despite this temporary setback, the overall sentiment in the crypto market still indicates further bullish action.

If buyers continue to lose, we may see a drop-down to the $0.000009100 key level. On the other hand, the bulls may decide to increase their pace and drive the market upward. Looking at the momentum indicator on the daily chart, it is currently not showing signs of declining. Additionally, the Parabolic SAR (Stop and Reverse) indicator still favors a bullish sentiment in the market. 

Market Expectation

While the short-term trend indicates a bearish reversal, suggesting that sellers are still in control, the long-term trend shows that bulls pose a threat. A break above the $0.000001060 price zone could potentially lead to further bullish momentum.

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