Shiba Inu Price Analysis: What to Expect Next?
As a crypto enthusiast, you may be wondering about the future price movement of Shiba Inu. Letโs dive into the technical analysis and indicators to provide you with insights on what to expect next for SHIB.
Shiba Inu Price Long Term Forecast: Bearish ๐
On February 26, 2024, Shiba Inu rebounded from its recent low of $0.00000947 to a high of $0.00004552. While the altcoin has experienced a setback, falling to $0.00001664, bulls have stepped in to buy the dips. Currently, SHIB is trading between $0.00001700 and $0.00003000, with the potential to resume its uptrend if buyers maintain the price above key levels.
Shiba Inu Indicator Analysis ๐
The price bars for Shiba Inu have dipped below the horizontal moving average lines, signaling a bearish trend. Additionally, on the 4-hour chart, the price bars are below the downward sloping moving average lines. The 21-day Simple Moving Average (SMA) has crossed below the 50-day SMA, indicating a bearish signal for SHIB.
Technical Indicators ๐
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
Whatโs the Next Move for Shiba Inu? ๐
Currently, SHIB/USD is trading within a narrow range above the support level of $0.00001700. The price action has been relatively flat in the middle of the range, indicating a period of consolidation. With SHIB trading between $0.00001700 and $0.00003000, traders are eagerly awaiting a breakout or trend reversal.
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