SHIBUSD Price Analysis – February 17
Should the $0.000032 resistance level holds, the price may reverse and face the support level at $0.000030, further increase in the bears’ pressure may push down the price to $0.000026 and $0.000023SHIBUSD Market
Resistance levels: $0.000032, $0.000035, $0.000039
Support levels: $0.000030, $0.000026, $0.000023
SHIBUSD Long-term Trend: Bullish
SHIBUSD is on the bullish movement on the daily chart. The coin bottomed at the support level of $0.000020 on 22 January. The sellers’ pressure failed and it started a range-bound movement within the former resistance level of $0.000023 and support level of $0.000020. On February 06, the bulls gained more momentum and break up the resistance level of $0.0000023, further price increase experienced and it tested $0.000035 resistance level. It pulled back to retest $0.000030 level. Bulls are trying to dominate the market again.
The slow Moving Average (21 periods) is below the fast Moving Average (9 periods EMA) and the price is trading above the two EMAs as a sign of bullish movement. Further increase in the bulls’ momentum will make the price to break above the resistance level of $0.0000032; above it are $0.000035 and $0.000039 resistance levels. Should the $0.000032 resistance level holds, the price may reverse and face the support level at $0.000030, further increase in the bears’ pressure may push down the price to $0.000026 and $0.000023. However, the relative strength index period 14 is at 59 levels pointing up slightly to indicate buy signal.
SHIBUSD medium-term Trend: Ranging
SHIBUSD is ranging in the 4-hour chart. The crypto is dangling within the $0.000032 and $0.000030 levels. The price action has tested the resistance level of $0.000032 twice. The first touch was on February 13, the second touch was on February 16; this may lead to bullish breakout.
The currency is trading over and around the 21 periods EMA and 9 periods EMA and the two EMAs are closed to each other which indicates ranging movement in Shiba Inu market. The relative strength index period 14 is at 54 levels and the signal lines is exhibiting sell signal.
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