The price of Shiba Inu (SHIB) has risen above the moving average lines for the fourth time as it recovers from the low of the chart. SHIB is currently trading above the moving average lines.
Long-term forecast for the Shiba Inu price: bullish
However, the uptrend is being held back by resistance at $0.00002000. If the bulls overcome the first barrier, the altcoin will rise above the second hurdle at $0.00002200. The uptrend will continue to the previous high of $0.00002600.
If the bulls do not succeed in overcoming the first hurdle, the sideways movement will continue above the moving average lines. Should the bears break the moving average lines, the altcoin will fall to the lower part of the chart. SHIB is now reaching $0.00001935.
Analysis of the Shiba Inu indicator
The price bars have risen above the moving average lines after being trapped between them. SHIB price tends to rise above the moving average lines. The moving average lines are horizontal, which indicates a sideways trend. Doji candles with their small bodies and indecisive character determine 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?
SHIB has maintained its sideways trend, above the support of $0.00001650 but below the resistance of $0.00001950.
According to Coinidol.com, since October 1, the cryptocurrency has been fluctuating below and above the moving average lines. The uptrend was halted by the barrier at $0.00001950. Today, the altcoin tested the resistance level again and pulled back. The price of the cryptocurrency is fluctuating below its recent high. The sideways movement will continue as it pulls back from its recent high.
Disclaimer. This analysis and forecast are the personal opinions of the author. They 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.
Source: https://coinidol.com/shiba-inu-has-risen/