The price of Shiba Inu (SHIB) is rising as it recovers from the previous drop. Price analysis by Coinidol.com.
SHIB price long-term prediction: bullish
Today, the altcoin has reached a high of $0.00003136. Buyers are likely to lift the altcoin above its previous price level.
On March 4, SHIB rose to a high of $0.00004552 before dropping below $0.000035. The cryptocurrency dropped further to a low of $0.00001500 before moving in a range between $0.000015 and $0.00003500.
If buyers maintain their upside momentum above the high at $0.00003500, the altcoin will rise to the next resistance at $0.00004500. SHIB continues to trade below the resistance at $0.00003500 and above the moving average lines where it is facing rejection. Meanwhile, the altcoin is facing a first barrier at $0.00003300. SHIB is worth $0.00003134.
SHIB indicator analysis
SHIB price bars remain above the moving average lines as the altcoin continues its upward correction. The price of the cryptocurrency has a long candle wick near its recent high, indicating significant selling pressure at higher price levels. The moving average lines are trending north.
Technical indicators
Key Resistance levels: $0.00002800, $0.00002900, $0.00003000
Key Support levels: $0.00002200, $0.00002000, $0.00001900
What is the next move for Shiba Inu?
On the 4-hour chart, SHIB has initiated an uptrend after rising above the moving average lines. A sequence of rising highs and lows occurs when the price of cryptocurrencies rises. The upward movement has paused at the $0.00003300 resistance level.
SHIB is now trading above the $0.00002800 support but below the $0.00003300 resistance level.
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-recovers-level/