Shiba Inu Price Analysis: Recovery Post Price Drop
Shiba Inu (SHIB) prices have bounced back after the price decline on April 13, 2024. Hereโs a breakdown of the current price situation:
Long-term Forecast: Bearish
In the recent past, the altcoin slipped below the $0.00002060 support level, but it managed to regain its position above. Currently, the crypto price is above the 21-day SMA and is closing in on the 50-day SMA. If the price surpasses the 50-day SMA, SHIB could revisit its previous highs of $0.00003600 and $0.00004552.
- SHIB price has risen above 21-day SMA
- Approaching the 50-day SMA
Shiba Inu Indicator Analysis
Following the recent surge, the cryptocurrency price is sandwiched between the moving average lines. The 50-day SMA acts as a barrier at $0.00002900, hindering any further upward momentum until the lines are breached.
Technical Indicators:
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
Whatโs Next for Shiba Inu?
The downtrend has subsided as the bulls defended the $0.00002060 level, initiating an upward correction. However, the momentum tapered off around $0.00002900, suggesting a potential ranging scenario for the cryptocurrency.
Hot Take: Shiba Inu on the Road to Recovery
Stay tuned as Shiba Inu navigates through the current price dynamics, aiming for stability and potential breakout points to resume its upward trend. Keep an eye on the moving average lines for key signals on SHIBโs next move.
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