Cryptocurrency price analysis presented by Coinidol.com. Shiba Inu (SHIB) price rises as it breaks the moving average lines.
Shiba Inu Price Long-Term Forecast: Bullish
Shiba Inu reached a high of $0.00000823 on October 26 before pulling back. The altcoin is currently above the $0.00000700 support and is in a slight pullback. If the altcoin falls below the $0.00000750 support, it will dive into the range-bound zone. SHIB moved in a range of $0.00000660 to $0.00000750 during the previous price action and at this time, the extended candle wicks are the reason for the continued price rejection of the cryptocurrency. At higher prices, the altcoin continues to encounter rejection. Meanwhile, the altcoin is still trading above the moving average lines.
Shiba Inu Indicator Analysis
SHIB price bars were below the moving average lines during the price recovery. The cryptocurrency will continue to rise as long as the price bars are above the lines that represent the moving average. The cryptocurrency price is at risk of falling below the moving average lines. The moving average lines are trending upward, indicating that the current rally will continue.
Technical indicators
Key Resistance Levels: $0.00001200, $0.00001300, $0.00001400
Key Support Levels: $0.00000600, $0.00000550, $0.00000450
What is Shiba Inu's next step?
The cryptocurrency asset has reached bullish exhaustion as it pulls back from its previous high. The altcoin reached the target price level on the 4-hour chart. Buyers were unable to maintain the bullish momentum above the current high, resulting in a drop above the moving average lines. If the current support holds, the uptrend will resume.
As we reported on October 22On October 9, the cryptocurrency fell to a low of $0.000000672 and began a range-bound movement. The cryptocurrency is now trading between $0.00000670 and $0.00000710.
Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrencies and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.
