Shiba Inu Price Analysis: Bullish Long-Term Forecast
The price of Shiba Inu (SHIB) has been rising as it breaks the moving average lines. On October 26, SHIB reached a high of $0.00000823 before experiencing a slight pullback. Currently, the altcoin is above the $0.00000700 support level. If it falls below $0.00000750, it will enter a range-bound zone. SHIB has been trading between $0.00000660 and $0.00000750, with extended candlestick wicks causing price rejection. Despite encountering rejection at higher price points, SHIB is still trading above the moving average lines.
Shiba Inu Indicator Analysis
During the price recovery, SHIB’s price bars were below the moving average lines. As long as the price bars remain above these lines, the cryptocurrency is expected to continue rising. However, there is a risk of falling below the moving average lines. The upward trend of the moving average lines suggests that the current rally will persist.
Technical Indicators
Key resistance levels for SHIB are $0.00001200, $0.00001300, and $0.00001400, while key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
After reaching its target price level on the 4-hour chart, Shiba Inu has experienced bullish exhaustion and is pulling back from its previous high. Buyers were unable to sustain bullish momentum above the current high, resulting in a decline above the moving average lines. However, if the current support holds, the uptrend is expected to resume.
On October 9, SHIB plunged to a low of $0.000000672 and entered a range-bound movement. It is now trading between $0.00000670 and $0.00000710.
Hot Take: Shiba Inu’s Price Rise Depends on Moving Average Breakout
The price of Shiba Inu (SHIB) has been showing bullish signs as it breaks above the moving average lines. However, it faces resistance at higher price points, leading to price rejection. SHIB’s upward trend will continue if it remains above the moving average lines. Key resistance levels to watch are $0.00001200, $0.00001300, and $0.00001400, while key support levels are $0.00000600, $0.00000550, and $0.00000450.
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