The Current State of Shiba Inu Price
Shiba Inu (SHIB) price has been consolidating above the support level at $0.00002200 but below the resistance at $0.00002600. The price has been moving horizontally, with limited fluctuations in recent trading sessions.
Long-term Forecast for Shiba Inu Price: Ranging
The presence of doji candlesticks has resulted in a stationary price action for Shiba Inu. The altcoin has been experiencing a narrow range of price movement, indicating a period of consolidation.
On May 20, Shiba Inu saw a rally that pushed the price above the moving average lines, but it was met with resistance at $0.00002600. Despite this, the cryptocurrency retraced above the moving average lines and is currently consolidating above the support level at $0.00002200, with a current value of $0.00002469.
Analysis of the Shiba Inu Indicator
Both the 21-day Simple Moving Average (SMA) and the 50-day SMA are horizontal, signifying that Shiba Inu is trading outside the moving average lines. The price bars have been fluctuating above and below the moving average lines, indicating a lack of clear trend direction.
- On the 4-hour chart, a bearish crossover has been observed with the 21-day SMA crossing below the 50-day SMA, suggesting a potential decline in value for the altcoin.
Technical Indicators
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s Next for Shiba Inu?
Shiba Inu (SHIB) continues to trade within a narrow range, indicating a horizontal trend. While the 4-hour chart suggests a bearish outlook with the altcoin below the moving average lines, the daily chart shows price bars above the moving average lines.
However, if Shiba Inu enters the bearish trend zone on the daily chart, selling pressure is likely to increase, potentially leading to a further decline in value.
Hot Take: The Future of Shiba Inu Price Movement
As Shiba Inu remains in a consolidation phase with limited price movement, the upcoming days will be crucial in determining whether the cryptocurrency will break above the resistance level at $0.00002600 or continue to consolidate within the current range. Traders should closely monitor the price action and key support levels for potential trading opportunities. Stay informed and prepared for potential market movements in the coming sessions.
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