Shiba Inu (SHIBUSD) Price Forecast: March 11
SHIBUSD is poised to resume its bullish sprint, therefore it may likely retest the $0.00001590 supply level. Virtual currency is making every effort to avoid falling sharply to the downside. Consequently, the price may likely invert and turn positive to hit the $0.00002000 high level and beyond if the bulls were to unleash their powers on the market.
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)
In the long term, the SHIBUSD pair is displaying a negative trend. Underneath the moving averages are the price bars. This is a result of the significant influx of sell traders. For the Shiba Inu by traders, there will soon be a turnaround, though.
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 bullish candle for today at the supply level of $0.00001115 below the moving averages underlines the bulls’ return to power and their ability to drive the price of the currency higher. This breakout can perhaps quicken the positive momentum and raise the magnitude of the current correction.
Also, the fact that the price of Shiba Inu is rising on the daily signal suggests that the price is still rising. In this case, the price may reach the $0.00002000 resistance level in the coming days and potentially even higher in its longer time frame.
SHIB (USD) Medium-term Trend: Bearish (4H)
At now, the market price of the SHIBUSD is moving in a bearish market zone. The influx of sell traders is to blame for this.
Before the session’s close yesterday, sellers moved lower to the $0.0001091 support level. As a result, sellers had more motivation to maintain the trend at its most recent low.
When the 4-hourly chart resumes today, bullish actions caused the coin price to rise even higher, hitting the $0.00001109 supply level beneath the two EMAs.
Thus, if the bulls trade with sellers and close above the $0.00001449 resistance level, buyers would have further intraday gains.
The coin market price is currently trading in the oversold region, which will force the bulls to resume the upward movement and in this case, the price might push higher to the $0.00002000 supply mark and beyond in the coming days in its medium-term time frame.
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