Shiba Inu (SHIB) Price Analysis: Where is it Headed Next?
The Shiba Inu prices are currently moving sideways below the moving average lines, maintaining a range-bound pattern. Let’s take a closer look at where the cryptocurrency is headed next.
Shiba Inu Price Long Term Forecast
Since mid-April, the bulls have managed to keep the price above the support level of $0.00002060, leading to a sideways trend for the altcoin. Currently, Shiba Inu is trading within a range of $0.00002060 and below the 21-day moving average line.
Recent Price Movements
Over the past month, buyers have struggled to push the price above the moving average lines. On May 10, a bearish momentum drove the price to a low of $0.00002221 before bouncing back. Today, there is bullish momentum pushing towards the 21-day SMA resistance line. The future direction will depend on the ability to break above this resistance or fall below the support level of $0.00002060.
Analysis of Shiba Inu Indicators
The price bars are currently below the moving average lines, signaling a bearish trend. However, the recent dip has stabilized, and the altcoin is back to its sideways movement pattern.
Technical Indicators
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What’s Next for Shiba Inu?
As SHIB/USD continues to trade sideways, the altcoin appears to be entering a range-bound phase. However, a breakout could occur if buyers manage to surpass the moving average resistance lines. Conversely, a breakdown below the support level of $0.00002060 could signal the end of the current trend. For now, the cryptocurrency has retested the 21-day SMA and is back on a positive trajectory.
Hot Take: Final Thoughts on Shiba Inu’s Price Movement
With Shiba Inu prices maintaining a sideways trend and facing key resistance and support levels, the future direction remains uncertain. Keep a close eye on the moving average lines to gauge potential breakouts or breakdowns that could signal a shift in the current pattern.
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