Shiba Inu (SHIB) Price Analysis: Can It Break Key Resistance Levels? 📊
The price of Shiba Inu (SHIB) has shown signs of recovery, but it is currently fluctuating between the moving average lines after hitting a low of $0.00001079.*
Is the Future Bearish for SHIB Price?
SHIB has recently peaked at $0.00001514 before settling between the moving average lines on the daily chart. The ongoing uptrend may face obstacles at the 50-day moving average line or the previous high point of $0.00001600. If the resistance level is breached, the token could soar to $0.00002000. Conversely, a rejection at the 50-day SMA would push SHIB to decline and resume its range-bound movement between the moving averages.
If the price falls below the 21-day SMA support, selling pressure is likely to increase once again. Currently, SHIB is valued at $0.00001508.
Analyzing SHIB Indicators 📉
SHIB has managed to surpass the 21-day SMA resistance but is now approaching the 50-day SMA. The trajectory of the moving average lines indicates a downward trend. Despite the recent uptick, the token remains within a bearish trend zone.
Key Technical Indicators:
- Key Resistance levels: $0.00001200, $0.00001300, $000001400
- Key Support levels: $0.00000600, $0.00000550, $0.00000450
What Lies Ahead for Shiba Inu?
As per the latest price analysis, SHIB is in the process of recovery, surpassing the 21-day SMA while heading towards the 50-day SMA. Currently, the token is trading amidst the moving average lines. A breakout beyond these averages could establish a new trend for SHIB. Otherwise, the token will likely continue its sideways movement between the moving averages.
On August 5, SHIB hit a low of $0.00001079 before bouncing back, according to reports.
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