SHIB bulls push $0.000014 as Dogecoin killer Shiba Inu breaks resistance. The Shiba Inu price is up, moving more than 52% from the October open. Bullish breakout hits previously traded highs. Dogecoin bulls are trying to get out of the downtrend. Details cryptocoin.com‘in.
SHIB bulls where is he running?
The Shiba Inu price has made significant gains at $0.00000716 since its opening in October. A gain of over 52% saw the bulls push the Dogecoin killer Shiba Inu to new four-month highs at 0.000011. However, persistent historical resistance prevented further upward movement. The Shib price hit $0.000011. Shiba Inu price has outperformed most of the cryptocurrency market with spectacular and explosive bullish momentum since October. However, long-term buyers have consistently struggled against the $0.000009 level. As a result, 0.0000009 acted as the top of a long trading range and was tested on June 16, June 30, July 6, August 16, September 16 and October 3.
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Long and short term bulls looking for a breakout may need to wait. After changing the Relative Strength Index to market conditions, Shib price is trading against the eventual overbought condition in a bear market on the Relative Strength Index (65). Another sign that the upward move may end soon is the hidden bearish divergence between the Shiba Inu price and the Composite Index. The red arrow on the candlestick chart shows lower peaks, while the Composite Index shows higher peaks. The Composite Index is also at a historical resistance level.
However, sellers should be cautious about this trading range. Shiba Inu price may show signs of an immediate correction and return to the $0.000007 value area, but the weekly Relative Strength Index is showing a return to 50 and a break above this level, according to analyst Morgan. Therefore, if the weekly chart’s Relative Strength Index maintains its bullish momentum throughout the week, Shiba Inu price could easily close at $0.000011.
Status at Dogecoin
On the other hand, Dogecoin price is testing $0.21, increasing its 23% bearish potential. Dogecoin bulls tried to break out of the downtrend. At a time when the DOGE price action has not reached any firm profit levels and the price action is already bearish, a false breakout seems to occur. Analyst Filip L. Says: “Wait for a break of $0.21 on the downside, which opens a downtrend towards $0.16.”
Dogecoin (DOGE) price action overhauled the downtrend with bulls trying to break the chains. The attempt seems likely to fail as no key profit levels were reached on the upside and the price action seems to fade to the downside towards a retest of $0.21. A break lower would put the bears back in control with a possible 23% devaluation of DOGE price to $0.16. Dogecoin price reveals weakness among bulls, bears are waiting to attack.
Dogecoin (DOGE) price action was mildly supporting the bulls with a break higher outside the purple descending trendline. The bears are now slowly but surely taking control as the support level at $0.21 is broken. According to the analyst, DOGE will be delivered to the mercy of the bears. Around $0.19, there will be short-term support from the bulls looking to play low from September. But beyond that, there are no barriers to price action falling to $0.16. This level extends to August 20 and comes just above the monthly S1 support level.
Expect the bears to press for $0.16, but once there, it will get tougher as the bulls start taking the DOGE price action at an attractive discount. With the entry point just above the monthly S1 pivot level, the stops will be securely placed below it. The bulls have made an excellent entry here for a long time, making it a level where the bears will almost completely take their profits. According to analyst Filip L., if the $0.21 level continues, expect prices to climb back to $0.26, the uptrend will be tested further but still not fully broken. This means that the bulls will be cautious and aware that sentiment could quickly slide to the downside overnight.
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