SHIB will return to its bullish trend once the buyers push the price above the moving average lines and the positive momentum continues.
SHIB price long-term prediction: ranging
Shiba Inu (SHIB) has been trading above the $0.00001000 support since its February 3 low at $0.00001067, as Coinidol.com reported. The cryptocurrency is trading below the moving average lines and above the support of $0.00001000. The resistance of $0.00001250 or the moving average lines is the point where the higher moves on the daily chart are rejected.
On the positive trend, SHIB will rise to the next resistance level at $0.00001600.
On the downside, SHIB is currently in the oversold territory of the market. Buyers are expected to emerge at the bottom of the chart. The price indicator forecasts a further decline to the Fibonacci extension level of 1.618 or $0.00000948. SHIB is currently valued at $0.00001195.
SHIB price indicators reading
The doji candlesticks below the downward sloping moving average lines define the price bars on the daily chart. The bearish signal has stopped as buyers try to move the price above the moving average lines.
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 SHIB?
SHIB has failed to break the $0.00001000 support at the bottom of the chart. The cryptocurrency has been in an upward correction since April 9.
The 21-day SMA has halted the upward correction. The price of the cryptocurrency has fallen back to the midpoint of the range. Doji candlesticks have restricted the price movement of the cryptocurrency.
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-ranging/