Shiba Inu (SHIBUSD) Price Forecast: April 24
There is a possibility for the SHIBUSD price to break up the $0.0000159 supply mark soon as the coin is set to face the positive side at the moment. If the forces from buyers in the market should increase and the current support level at $0.0000100 holds, the coin price may possibly retest the mentioned supply and this may extend to the $0.0000200 upper high mark and beyond. Thus, a clear buy signal.
Key Levels:
Resistance Levels: $0.00001500, $0.00001600, $0.00001700
Support Levels: $0.000011, $0.000010, $0.000009
SHIB (USD) Long-term Trend: Bearish (Daily Chart)
Due to the interaction from the sell traders, the market price of SHIBUSD is in a bearish trend in its long-term outlook. The coin price can be seen below the two EMAs which are fanned apart. This is due to the high inflows from the sell traders.
The bears’ drop to the $0.0000100 support value during yesterday’s action has made the coin price drop below the resistance level in its recent price level.
As the daily session begins today, the price of Shiba-Inu encounters resistance at a $0.00001044 high level as a pullback which is below the supply trend levels. This indicates that the bulls are returning gradually to the market to stage a play.
The current bullish rebound will continue until the coin price sustains much above the supply trend line of the pattern.
Should buyers prove strong and move the coin price above the previous high at the $0.0000159 trend line, further selling pressure will be invalidated.
In addition to that, there is a possibility for the occurrence of another bullish cycle soon as the Shiba Inu market is oversold already. This may break up the $0.0000159 previous high which might possibly reach the $0.0000200 resistance value in the coming days in its long-term perspective.
SHIB (USD) Medium-term Trend: Bearish (4H Chart)
At now, the market price of the SHIBUSD is in a bearish market zone in its medium-term outlook. The influx of sell traders is to blame for this.
The price drop to the $0.0000101 low value during the previous action has made the currency pair drop below the supply trend lines in its recent high.
Now, the current pullback at the $0.0000102 which further rises to the $0.0000104 supply value as the 4-hourly chart opens today indicates the return of the long traders to stage a play and dominate the market actions.
Further, if the bulls could push higher and additional selling power is prevented, the price may likely break up the previous high of $0.0000117 value resulting in more intraday gains for buyers.
Hence, the Shiba-Inu market is showing more upside possibilities as shown by the momentum indicator pointing upwards; we can certainly expect more gains and strength from the coin.
The pair may likely grow to retest the $0.0000159 resistance level and further extend to a $0.0000200 high mark in the days ahead in its medium-term time frame.
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