Shiba Inu Price Struggle at 200 EMA, How Will The Bulls Propel Meme-coin Forward ?

Shiba Inu price is drawing a strong bearish candle in the intraday trading session.
The 200-day exponential moving average is acting as a major bullish barrier for the bulls.
SHIB crypto’s market cap fell 5.6% to $6.7 billion in the last 24 hours.

Shiba Inu price trend was caught by sellers near the 200-day exponential moving average on the daily price scale. From October 30, buyers are facing a narrow market.

At the time of writing, Shiba Inu price is trading at $0.000001222 against the USDT pair. Bears look aggressive in intraday trading session so mem-coin price is down 5.06% so far. Although the bears try to dominate the Shiba Inu price trend, this selloff is viewed as a short-term selloff, and a breakout at the next support levels may occur.

Similarly to the USDT pair, the Shiba Inu price together with Bitcoin match is down 5.14% at 0.000000000598 satoshis. Bitcoin price is slipping towards $20K support level, may drive meme-coin bearish trend. Meanwhile, the market cap of SHIB crypto plumped 5.6% at $6.7 Billion in the last 24 hours.

Now the key volatility zone of $0.000010 flipped into vital support if selling continued ahead. Besides, the $0.0000150 level is the next barrier for bulls. Undoubtedly, the crypto price trend forms the higher-lows price pattern in the 4 hours price chart.

In the context of the daily price scale, the 200-day exponential moving average is acting as a major bullish barrier for the bulls. Moreover, if the bears dominate the meme-coin trend, the 20,50 and 100 EMAs are the next support levels.

Stock RSI is closing in for a price correction phase. Buyers should wait for a rebound from the oversold levels. Conversely, the MACD is expanding further into the positive zone with a strong histogram.

Conclusion

Shiba Inu price is inching toward a retest of the 100 Day Exponential Moving Average. Although the Stoch RSI is standing at the entrance of a bearish entry, the bears are likely to step in to attempt a selloff once again.

Support level – $0.000010 and $0.000007

Resistance level – $0.000015 and $0.000018

Disclaimer

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.