Shiba Inu (SHIBUSD) Price Forecast: March 19
SHIBUSD price will increase from support as the coin now trades in the oversold region at the moment. It is about time for the coin to resume an uptrend after completing the low dips. There is a possibility for the pair to experience another bullish reversal price action and the price could be ready very soon for another upward move potential. If the forces from buyers in the market should increase and the current support level at $0.00000866 holds, the coin price may possibly rise to reach the $0.000020 high value 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)
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 is trading below the two EMAs; it means that it’s in a bearish market zone at the moment.
The price drop to the $0.00000867 low value during yesterday’s action has made the coin price trade below the supply levels in its recent low. This will soon be invalidated as the market is oversold already.
Today, the bears however made a drop to a $0.00000866 support level below the moving averages. Given the current trend, buyers are able to purchase the item at a lower cost and push the market higher. Thus, the price tendency will climb over the crucial levels if the bulls raise their level of buying pressure in the market.
Further, the Shiba-Inu price is likely going to reverse and face the upsides as the market is now trading around the 17% range of the daily stochastic; it means that the selling pressure will end soon. This will compel the buy traders to resume an uptrend and may likely break up the $0.00001590 supply level soon in its higher time frame.
SHIB (USD) Medium-term Trend: Bearish (4H Chart)
According to the chart below, the medium-term outlook for the Shiba-Inu market is in a bearish trend zone. This is due to the high influence of the sell traders. 
The bearish pressure at the $0.00000867 support level in the past few hours has made the coin stay below the supply trend levels in its recent low.
The market price of SHIBUSD which dropped down to the $0.00000866 low level below the moving averages suggests a downtrend in the context of the strength of the market. Thus, should the bulls increase their buying pressure and challenge the bears at the mentioned support value, the coin price could turn upside to retest the $0.00001121 previous high.
Adding to that, the pair has fallen to level 15% of the daily stochastic. It indicates that the pair is now in the oversold region of the market. It implies that the selling pressure is likely to run to an end. We will now be looking into the emergence of buyers in the oversold region of the market. If this is achieved, the price of SHIBUSD might turn upside to hit the $0.000020 resistance level in the days ahead in its medium-term outlook.
Buy Shiba Inu on eToro
Leave a Reply