The price of Shiba Inu (SHIB) has risen above the moving average lines and has reached a high of $0.00002386. Price analysis by Coinidol.com.
Long-term forecast for the Shiba Inu price: bullish
The cryptocurrency is recovering from its previous downturn. Buyers are likely to drive the altcoin up to $0.00008000. The current upswing has stalled at the $0.00002300 barrier. SHIB will rise to a high of $0.00003100 if buyers surpass the recent peak.
Meanwhile, SHIB is trading below its recent high, indicating an imminent uptrend. The altcoin is currently worth $0.000040.
Analysis of the Shiba Inu indicator
The price bars have recovered above the horizontal moving average lines. This indicates the resumption of the uptrend. On the 4-hour chart, the moving average lines are tilted to the north. Doji candlesticks are now controlling the price movement.
Technical indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next move for Shiba Inu?
The price of SHIB is hovering below the resistance level of $0.00002300. The market has been fluctuating between $0.00001900 and $0.00002300 for the past five days. The price of the cryptocurrency is currently retesting the resistance to break through it. However, the altcoin could collapse if sellers break through the $0.00001900 support level.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
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- Source: https://coinidol.com/shiba-inu-accelerates-forward/
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