Shiba Inu (SHIB) Price Long-Term Forecast: In Range
The price of Shiba Inu (SHIB) is currently trading within a range of $0.00000690 and $0.00000760, with support at $0.00000720. The 21-day line SMA has slowed down the upward movement of the price, but it has not been broken since the decline began. Doji candlesticks suggest that the lower price area at $0.00000690 is unlikely to be breached.
Currently, the lack of price movement is attributed to the doji candlesticks, and SHIB is trading at $0.00000734.
Shiba Inu (SHIB) Indicator Analysis
The cryptocurrency has experienced a rise during the pullback and retested the 44 level of the Relative Strength Index for the 14-period. However, it might experience a decline as it is currently below the 60 threshold of the daily stochastic. Nevertheless, bearish momentum has decreased as the altcoin consolidates above its current support level.
Technical Indicators
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
What is the next move for Shiba Inu (SHIB)?
Based on the doji candlesticks, the cryptocurrency’s value will continue to move within a certain range. Currently, it is fluctuating between $0.00000720 and $0.00000740 in the lower time frame.
Hot Take: Shiba Inu (SHIB) Stuck in a Narrow Range
The price of Shiba Inu (SHIB) remains range-bound between $0.00000690 and $0.00000760, with support at $0.00000720. The presence of doji candlesticks suggests that the lower price area is unlikely to be broken to the downside. Despite slow upward movement, the altcoin has not breached the 21-day line SMA since the decline began. Indicator analysis shows a possible decline, but bearish momentum has decreased as SHIB consolidates above its current support level. Moving forward, SHIB’s value is expected to continue fluctuating within a narrow range.
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