Shiba Inu (SHIB) Prices Analysis: Falling Below Moving Average Lines
In this analysis, we will look at the current price action of Shiba Inu (SHIB) and its long-term forecast. Currently, SHIB prices are falling below the moving average lines but have risen above the 21-day SMA.
Long-term Forecast for Shiba Inu Price: Bearish
In the previous price action, SHIB traded below the moving average lines but above the $0.00000870 support. However, today the bulls have gained control as the price breaks above the 21-day SMA and extends to the 50-day SMA or $0.00000965.
If buyers push the price above the moving average lines, it will signal a continuation of the positive trend. The market may rise and reach previous highs of $0.00001100 and $0.00001150.
On the other hand, if the price stalls at the 50-day SMA, SHIB will fall and trade sideways between the moving average lines. Breaking below these lines would indicate a downward trend. Currently, SHIB is valued at $0.00000945.
Analysis of Shiba Inu Indicator
The SHIB price bars are currently between the moving average lines, suggesting potential fluctuations. On the 4-hour chart, the bars are above the upward-moving average lines, indicating a possible rise in SHIB’s value.
Technical Indicators
The 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?
On the 4-hour chart, SHIB/USD is rising as it is above the moving averages. However, on the daily chart, it is currently between the moving averages. To continue the uptrend, the price needs to break above the moving averages on the daily chart. In the meantime, bullish momentum could face resistance and result in a sideways movement.
Last week, we reported that SHIB price had reached bearish fatigue after holding above the $0.00000870 support level.
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