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Bears are controlling the SHIB market, targeting the previous low
SHIBUSD Price Analysis – September 28
An increase in sellers’ momentum may break the $0.000010, $0.000009 levels and may attempt to target the $0.000008 lows. If the buyers defend the $0.000010 support level, SHIB may reverse and move higher at $0.000011, possibly reaching $0.000012 and $0.000013.
Key steps:
Resistance levels: $0.000011, $0.000012, $0.000013
Support levels: $0.000010, $0.000009, $0.000008
SHIBUSD Long Term Trend: Bearish
On the daily chart, SHIBUSD is in bearish activity. The formation of a descending channel confirmed bearish activity on the daily time frame. The crypto tried to break the $0.000011 resistance level on September 24 but the sellers resisted the move. The speed of the sellers has increased and the prices are decreasing accordingly. The price is currently targeting the previous low at the $0.000005 level.
The price is trading below the two EMAs as a sign of bearish activity. The fast moving average (9 periods EMA) has crossed below the slow moving average (21 periods EMA). An increase in sellers’ momentum could lower the $0.000010, $0.000009 levels and test the $0.000008 support level. If the buyers defend the support level of $0.000010, the price may reverse and enter above $0.000011, $0.000012 and $0.000013. However, the relative strength index is showing a downtrend at the 14-42 level to indicate a sell signal.
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SHIBUSD Medium Term Trend: Bearish
SHIBUSD is bullish on the 4-hour chart. The price action formed a bearish channel in the medium-term trend. The price tested the upper trend line and broke out of the level. It creates candles that bear more pressure than the sellers. The price is heading towards the $0.000010 support level.
The coin is trading below the 21 period EMA and below the 9 period EMA. The two EMAs have diverged from each other, indicating bearish momentum in the Shiba Inu market. The relative strength index period is 14 at 44 levels and the signal lines are showing a sell signal.
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