Shiba Inu Starts A Horizontal Trend And Reaches A High Of $0.00004500

Shiba Inu (SHIB) prices have risen to a high of $0.00004552 before falling again. Price analysis by Coinidol.com.

Long-term forecast for the Shiba Inu price: bullish

As the altcoin recovers from its downturn, it is encountering resistance at the high of $0.00004500. Buyers are driving SHIB towards the upper resistance of $0.00008251.

Meanwhile, the altcoin falls back after reaching the resistance level of $0.00004500. The altcoin has pulled back below the 21-day SMA but remains above the 50-day SMA. Currently, the altcoin is trading above the current support level of $0.00002400.

Nonetheless, SHIB/USD is currently worth $0.00002815. SHIB’s uptrend will resume when the price breaks above the 21-day SMA. The altcoin will then rise to its previous high of $0.00004500. However, if the bears break the current support level, the altcoin will fall below the 50-day SMA or the low of $0.1955.

Analysis of the Shiba Inu indicator

The rise of SHIB has ended as the price of the cryptocurrency has fallen below the 21-day SMA. The price bars fall between the moving average lines, causing the cryptocurrency to bounce for a few days. On the 4-hour chart, the moving average lines are horizontal, indicating a sideways trend.

Technical indicators

Key resistance levels: $0.00001200, $0.00001300, $0.00001400

Key support levels: $0.00000600, $0.00000550, $0.00000450

What’s next for Shiba Inu?

SHIB/USD is currently in a sideways trend, fluctuating between $0.00002500 and $0.00003500. Doji candlesticks (small candles) have dominated the price action. SHIB will continue to consolidate until a breakout occurs. The price movement was stationary.

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-starts-horizontal-trend/