Shiba Inu (SHIBUSD) Price Forecast: August 23
The SHIBUSD pair is bound to face the positive side and revisit the mentioned above price level soon, following the recent market trend which has reached the oversold region. The coin price may likely reverse provided buyers don’t give up and increase their momentum pressure in the market. Should buyers exchange hands with sellers and holds the current support at a $0.00000800 value, the coin price might turn positive to break up a $0.00001400 high value, which may likely extend to the $0.00002000 supply value and beyond.
Key Levels:
Resistance Levels: $0.00001000, $0.00001100, $0.00001200
Support Levels: $0.00000700, $0.00000600, $0.00000500
SHIB (USD) Long-term Trend: Bearish (Daily Chart)
The Shiba-Inu market is having a bearish posture in its long-term outlook as can be seen from the chart above. The coin is trading below the two EMAs which have confirmed its bearishness.
The sustained pressure from the bears to the $0.00000814 support level during yesterday’s session has contributed to its bearishness in its recent low
Sellers’ inflow further dropped the price of SHIBUSD down to a $0.00000800 low level below the two EMAs as the daily chart commenced today.
However, price reversal at the mentioned current support level is more likely; traders can buy the crypto at a low price with this current trend and move the crypto price upwards.
Adding to that, the crypto price is below the 20% range of the daily stochastic, this implies that the coin price might turn upside soon to revisit the $0.00001400 high point soon to end the ongoing correction in its higher time frame.
SHIB (USD) Medium-term Trend: Bearish (4H Chart)
Being affected by the widespread uncertainty in the crypto market, the Shiba Inu price showed a bearish trend in the medium-term outlook. The price bars are below the supply trend levels which indicates a bearish trend.
In the previous actions, SHIBUSD has been having high interference from sellers which really made it easier for the cryptocurrency to maintain stable downside moves in its recent low.
Actions from the sell traders further dumped the crypto price to a $0.00000801 low value below the resistance levels to resume the 4-hour chart.
Should the coin price turn up from the $0.00000801 support and jump above the $0.00001134 previous supply mark, the bearish thesis would get invalidated.
Notably, the cryptocurrency is now trading in the oversold region. This means that the price might possibly reverse at the curent support level and its upside moves may likely revisit the $0.00001400 previous supply level soon in its medium-term forecast.
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