Shiba Inu (SHIBUSD) Price Forecast: August 29
After completing the downward trip, the SHIBUSD pair shows readiness for higher levels as the long traders have decided to push the crypto further. Hence, if the bulls breach the $0.00001400 resistance, the next resistance level to watch out for would be around $0.00002000.
Key Levels:
Resistance Levels: $0.00001000, $0.00001100, $0.00001200
Support Levels: $0.00000800, $0.00000700, $0.00000600
SHIB (USD) Long-term Trend: Bearish (Daily Chart)
The Shiba Inu market is bearish in its long-term outlook. The coin price is traded below the supply levels confirming a bearish momentum. However, the coin is ready for higher levels as we can see new corrections in place.
The bearish pressure to a $0.00000807 support level during the past action has made the coin stayed below the supply trend levels in recent times.
A rise to a $0.00000818 high level by the long traders shortly after the daily chart opens today affirms the returns of the buying traders into the market. Thus, the price of SHIBUSD is set to advance further if bulls can redouble their efforts and push above the current supply level.
However, a break above the supply level of $0.00001400 could indicate a shift in sentiment and lead to a potential upward movement.
Next, the market price of Shiba Inu is pointing up in the oversold region; this means that the momentum in the coin price will likely remain and continue in an upward move. Thus, the next jump by the buying team may reach a $0.00002000 higher level in the days ahead in its higher time frame.
SHIB (USD) Medium-term Trend: Bearish (4H)
The momentum on the medium-term outlook looks bearish but it is starting to turn bullish as can be seen from the chart below. The price of SHIBUSD is currently trading at the resistance close to the EMA-9, so it seems likely that buyers are ready for higher levels.
Despite the interactions from the short traders, buyers caused a rise to a $0.00000811 high level below the two EMAs shortly after the commencement of the 4-hourly chart opens today. Thus, buyers need to add more pressure to their activities to move the market beyond the current price level.
Meanwhile, the market is pointing up on the daily stochastic indicating a buy potential. This will now compel the long traders to continue with the bullish pattern which could extend the market price of SHIBUSD to a significant level of $0.00002000 upper high level in the days ahead in its medium-term time frame.
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