Shiba Inu Price Analysis: Bullish Long-Term Forecast
The price of Shiba Inu (SHIB) has risen above the moving average lines and the $0.00000760 resistance level, but it remains below the $0.00000820 resistance level. On October 19, SHIB reached a high of $0.00000820 but faced resistance, causing it to trade sideways. Currently, the altcoin is trading above the $0.00000760 support and below the $0.00000820 resistance.
If the current resistance is broken, SHIB is expected to rise to $0.00000880. However, if bears break below the moving average lines or the $0.00000740 support, SHIB will fall. At the time of writing, SHIB is trading at $0.00000791.
Shiba Inu Indicator Analysis
Following the rejection at $0.00000820, the price bars and moving average lines of SHIB are showing a horizontal slope. In lower time frames, the price bars are bouncing above and below the moving average lines, indicating a sideways trend for the cryptocurrency.
Technical Indicators
Key resistance levels for SHIB include $0.00001200, $0.00001300, and $0.00001400. Key support levels are at $0.00000600, $0.00000550, and $0.00000450.
What’s Next for Shiba Inu?
SHIB/USD is currently in a bullish trend zone but faces resistance at $0.00000820. The cryptocurrency is trading within a small range between $0.00000760 and $0.00000820. If this range is broken, SHIB could either fall to the bottom of the chart or continue its upward movement.
According to cryptocurrency analytics specialists, Shiba Inu reached a high of $0.00000823 on October 26 before experiencing a slight pullback. Currently, it is above the $0.00000700 support level.
Hot Take: Shiba Inu’s Price Movement
The price of Shiba Inu (SHIB) has shown bullish signs as it surpasses the moving average lines and resistance levels. However, it still faces challenges in breaking through the $0.00000820 resistance level. The indicator analysis suggests a sideways trend for SHIB in the near term. Traders should closely monitor the price action within the $0.00000760 to $0.00000820 range for potential breakouts or reversals. Overall, the long-term forecast for Shiba Inu remains bullish, with a possibility of reaching $0.00000880 if key resistance levels are overcome.
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