Shiba Inu (SHIBUSD) Price to Retrace at the $0.00001222 Support Value
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Shiba Inu (SHIBUSD) Price Forecast: February 27
SHIBUSD price is likely to retrace at the $0.00001222 support value to face the positive side soon. After testing the bottom support, a usual response would be a bullish reversal; should buyers eventually wrestle trend control from sellers and rebound from the mentioned support level, the bullish momentum might possibly drive the coin price to a high at the $0.00001600 supply trend levels and beyond.
Key Levels:
Resistance Levels: $0.00001300, $0.00001400, $0.00001500
Support Levels: $0.000011, $0.000010, $0.000009
SHIB (USD) Long-term Trend: Bullish (Daily Chart)
Despite the moves from the sell traders, SHIBUSD still trades in an uptrend in its long-term outlook. The coin price can be seen above the EMA-50 indicating an upward momentum.
The cryptocurrency has been having a series of lower lows and lower highs in the past few days and has made the coin price drop in its recent low.
The high impact from the short traders further dropped the price of Shiba Inu down to the $0.00001222 support value above the EMA-50 as the daily chart opens today. However, traders can as well buy the coin at this trend and make valuable gains in the future.
Thus, price retracement is likely at the mentioned support as the market now trades below the 20% range of the daily stochastic. It means that the coin market is oversold. This implies that the selling momentum will end soon and the time to gain more strength from buyers is near.
The next bullish correction phase could reach a high at $0.00001600 upper supply mark in the days ahead as we watch the Shiba Inu market turns bullish sooner in its long-term outlook.
SHIB (USD) Medium-term Trend: Bearish (4H Chart)
The market value of SHIBUSD in the medium-term time frame at the $0.00001248 resistance value is seen below the moving averages. This implies that the bulls are coming in gradually to stage a play as the 4-hourly chart opens today.
More so, the Shiba Inu price will still go up as indicated by the daily stochastic which is pointing upward in the oversold region. We can therefore expect the new shift in trend to reach a high at $0.00001600 value soon in its medium-term time frame.
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