Meme-coin Shiba Inu Gradually Moves Higher to Overcome Selling Pressure
- Shiba Inu price is under selling pressure as it remains in a descending parallel channel.
- Buyers are barely keeping Shiba Inu coin price above the 20 DMA on the 4-hours price chart.
- The SHIB crypto for the USDT pair is down 1.3% on 0.000000000524 Satoshi.
The Shiba Inu has been under selling pressure since mid-August. From the 100-day high, buyers continue to receive higher price rejections with each price increase. The selloff on the upside cycle took the month to October’s low of $0.00000928. Buyers were also a part of the continued decline but now they are enjoying the bullish sessions nowadays.
After reversing from the August top, the price of Shiba Inu coin is under selling pressure as it is under a descending parallel channel. Despite remaining in a bearish pattern, the price was seen above the middle line of this bearish pattern (dashed-blue), which acts as a support line.
On a 4 hours price scale, buyers maintain Shiba Inu coins above the conceptual round level of $0.000010 level. Amid immediate price recovery, meme-coin price has been increasing higher above the bullish trendline (white). As well as, the 20 DMA (white) stood to be a bearish hurdle as of now. Below this support level, value may fall until ideological round level of $0.000010.
Against the USDT pair, the Shiba Inu coin stays at the $0.00001027 mark at press time. After three continuous green price closes, buyers struggle in intraday trading sessions, in fact, crypto is down 1.5% so far. Moreover, the SHIB crypto belonging to the USDT pair is down 1.3% at 0.000000000524 Satoshis.
Stoch RSI Shows Positive Sign
The Stoch RSI indicator has completed its retracement phase in the oversold area. Now it moves upwards from the lower regions. MACD remains in negative territory, which suggests downside for the Shiba Inu coin.
The Shiba Inu Coin Show is above the ascending trend line over the past few days. At the same time, the conceptual round of $0.0000010 is a strong support area for the bulls, and the price is likely to move higher at this level.
Support level – $0.000010 and $0.000007
Resistance level – $0.000014 and $0.000018
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.