Shiba Inu (SHIBUSD) Price Forecast: September 8
SHIBUSD low dips may fade off and the price could possibly rise from support soon. If the buy investors could prove stronger up and exchange hands with the sell traders at the current support, the coin price could turn upside to retest the previous resistance level of $0.00001188 which could further extend to a $0.00001500 high value and attract buyers to prevent further decline.
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 SHIBUSD price is forming lower lows and lower highs on its long-term chart. Further, the price is trading below the two EMAs; which means that it’s in a bearish market zone at the moment. However, the pair is about to rise from support as the market is oversold at the moment.
The coin price has been below the supply trend levels since its most recent low due to the persistent bearish pressure over the last few days.
Today, the current trading value of Shiba Inu at a $0.00000760 low value below the supply levels is a result of low bullish momentum. Thus, should buyers step into this uncertainty and shake off the bearish thesis; the coin price may rise back above the $0.00001188 previous high.
Additionally, the price of SHIUSD will rise from support soon as the market now trades at the oversold region of the daily stochastic.
Hence, the emergence of buyers is crucial at the moment. The $0.00001500 upper resistance level may be reached sooner in its higher time frame.
SHIB (USD) Medium-term Trend: Bearish (4H)
The SHIBUSD price is also trading below the moving averages in the medium term, indicating a bearish momentum. This will soon end as the crypto has decided to rise from support to resume the bullish trend.
The sustained pressure from the bears at the $0.00000751 support level in the past few hours has contributed to its bearishness in its recent low.
After completing the low-dips at the $0.00000751 low value, the coin price found a reliable resistance at the $0.00000764 value as a pullback below the two moving averages as the 4-hourly session resumed today.
Thus, it is very likely that the bulls will continue rising as we are seeing a bullish correction in place at the present. A strong breakup above the $0.00001134 resistance point would strengthen the bullish pressure.
Similarly, the SHIBUSD price may likely continue its journey up north as indicated by the daily stochastic which is pointing in an upward direction.
This means that the selling pressure has ended; we can therefore expect the upcoming bullish correction phase to reach a high at the $0.00001500 value soon in its medium-term time frame.
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