The Price of Shiba Inu (SHIB) Recovers and Rises Above Moving Average Lines
Since January 3, Shiba Inu (SHIB) has been trading in a bearish trend zone above the $0.00000870 support. However, on February 7, the altcoin experienced a rebound and rose above the moving average lines.
Currently, SHIB is worth $0.00000977, with the current upward momentum facing resistance at $0.00001000. Despite this resistance, SHIB is still trading above its previous high and the moving average lines.
If SHIB can break through the current resistance, it may reach a high of $0.00001080. On the other hand, if it falls below the moving average lines, it could retrace to its previous low of $0.00000870.
Analysis of the Shiba Inu Indicator
The recent price rally has caused SHIB price bars to rise above the moving average lines, indicating the potential for a return to previous highs. The 4-hour chart also shows that the moving average lines are sloping upwards, suggesting an uptrend.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400. Conversely, key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
The 4-hour chart shows that SHIB/USD is currently in an uptrend but has stalled at its high of $0.00001000. As long as the price stays above the moving average lines, the uptrend is expected to continue. However, if the price falls below the moving average lines, the market may decline.
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