Long-term forecast for the Shiba Inu price: bullish
Shiba Inu has rebounded above the 21-day SMA support, signaling an uptrend. The cryptocurrency has been forming higher highs and higher lows since October 18. After reaching a high of $0.00001172 on December 16, SHIB fell above the 21-day SMA but is currently trading at $0.00001096.
The price of SHIB is expected to continue rising and reach the Fibonacci extension of 1.618, which is $0.00001246.
The current resistance zone at $0.00001200 is hindering the upward movement, but once this resistance is overcome, the targeted price level will be reached.
Analysis of the Shiba Inu indicator
The 12-day SMA acts as a support line while the moving average lines indicate an uptrend with a northward slope. However, on the 4-hour chart, the moving average lines are horizontal due to resistance at $0.00001100.
Technical Indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next move for Shiba Inu?
Currently, Shiba Inu is trading within a range between $0.00000950 and $0.00001100 after the uptrend faded following a spike on December 6. As it approaches the resistance level at $0.00001100, the altcoin is retreating. If both the resistance and support levels are broken, the market will re-enter a trend.
Hot Take: Shiba Inu’s Bullish Momentum Continues
Shiba Inu’s price analysis suggests a bullish outlook for the cryptocurrency. With a rebound above the 21-day SMA support and a series of higher highs and higher lows, SHIB is expected to continue its upward movement. The resistance at $0.00001200 is currently posing a challenge, but once overcome, the targeted price level of $0.00001246 can be reached. Technical indicators also support this bullish sentiment. However, it remains crucial to monitor the market’s response to both resistance and support levels to determine the next move for Shiba Inu.
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