Shiba Inu (SHIBUSD) Price Forecast: May 10
SHIBUSD price retracement may surge above the $0.000020 resistance level. The coin will most likely reverse and pull back to the resistance level after updating lows. If the price makes a retest at a $0.0000159 high mark, then the price may jump up to hit the $0.0000200upper resistance trend line and beyond.
Key Levels:
Resistance Levels: $0.00001400, $0.00001500, $0.00001600
Support Levels: $0.000011, $0.000010, $0.000009
SHIB (USD) Long-term Trend: Bearish (Daily Chart)
Shiba Inu is bearish in its long-term outlook. The price responded to the shift in the market structure and is currently trading below the moving averages.
The cryptocurrency price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days.
The daily market price of SHIBUSD is currently below the moving averages at the $0.00000874 support value. Meanwhile, the current price at a $0.00000874 low value below the supply trend lines has not stale the market condition of the crypto. Thus, traders who buy the coin during the bearish market will also make gains in the future.
Hence, should the bulls exchange hands with the sell traders and close above the $0.0000159 resistance value, additional intraday gains would be recorded for the buy investors.
Meanwhile, it is expected of the SHIBUSD price to retrace from the mentioned support to a higher resistance mark as the coin market is oversold already. We now expect the coin price to reach the $0.0000200 high mark in the coming days in its higher time frame.
SHIB (USD) Medium-term Trend: Bearish (4H)
The market value of SHIBUSD on the medium-term outlook also trades in the bearish trend zone. This is a result of low turnover from the buy investors.
Before the session’s close yesterday, sellers moved the coin price lower to the $0.00000931 support level. As a result, sellers had more motivation to maintain the trend at its most recent low.
Today, the price was able to pull back and is taking the $0.00000902 resistance below the two EMAs. More upsides are possible if it breaches the moving averages.
Additionally, Shiba Inu is now pointing up in the oversold region, under the influence of this market level, the coin should rise steadily soon and break up the previous high at the $0.0000117 level to reach the $0.0000200 resistance level as we watch the crypto market turns bullish soon in the medium-term perspective.
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