The Current Status of Shiba Inu (SHIB) Price
The price of Shiba Inu (SHIB) has recently dropped below the 21-day Simple Moving Average (SMA), although it is still holding above the support level of $0.00002500.
Long-term Outlook for Shiba Inu Price: a Bearish Trend
Since reaching a peak of $0.00004500, Shiba Inu has faced a downward trajectory, consolidating above the $0.00002500 support level following a decline on March 5. The price movement has stalled due to the presence of doji candlesticks.
If SHIB manages to recover and surpass the 21-day SMA, it has the potential to resume its upward momentum and reach previous highs of $0.00003500 and $0.00004500. Conversely, dropping below the current support level could lead to a further decline towards the low of $0.00000950. At present, SHIB is valued at $0.00002793.
Analysis of Shiba Inu Market Indicators
The market for SHIB is predicted to exhibit fluctuations as it remains range-bound between various moving averages. The presence of small candlestick bodies is constraining price movements, leading to a lack of clear direction among traders.
Technical Indicators to Watch
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What Lies Ahead for Shiba Inu?
Following a sharp decline on March 5, SHIB/USD has entered a sideways trading pattern, with the altcoin fluctuating between the $0.00002500 and $0.00003500 levels. A breakout beyond these range boundaries, including the moving average lines, could indicate a new trend for SHIB.
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