Shiba Inu (SHIB) Price Analysis: Reaching a Low of $0.00000833
After a previous decline, the price of Shiba Inu (SHIB) has risen again and reached a low of $0.00000833. However, the bullish momentum peaked at around $0.00001150. The value of SHIB rose above the moving average lines, leading to the bulls buying the dips. Currently, SHIB/USD is trading at $0.00000970.
If SHIB is rejected at its high of $0.00000990, it can fall further. The market may return to its previous low at $0.00000833 if the bears push below the 50-day SMA.
Analysis of the Shiba Inu Indicator
Following a recent price decline, SHIB is currently stuck between the moving average lines. This means that the price will continue to fluctuate within this range unless the moving average lines are broken, indicating a trend reversal. On the 4-hour chart, the price bars are below the moving average lines, suggesting that SHIB will continue to fall.
Technical Indicators
Key resistance levels for SHIB/USD 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?
The current uptrend in SHIB has ended with a low of $0.00000833. Buyers aim to bring the cryptocurrency back to its previous highs, but sellers are resisting this upward correction. The price is currently stuck between the moving average lines, and a breakout will determine the future trend for SHIB/USD.
In December, it was predicted that SHIB would rise and retest its recent high of $0.00001187. However, if the bearish momentum falls below the 21-day SMA, the uptrend may come to an end.
Hot Take: Shiba Inu (SHIB) Price Analysis
The price of Shiba Inu (SHIB) has experienced a decline followed by a rise, reaching a low of $0.00000833. While the bullish momentum peaked at around $0.00001150, the cryptocurrency is currently trading at $0.00000970. The analysis suggests that SHIB may fall further if rejected at its high of $0.00000990 and could return to its previous low at $0.00000833. The indicator analysis indicates that SHIB is stuck between moving average lines and will continue to fluctuate within this range unless there is a breakout. Key resistance and support levels have been identified for SHIB/USD. Buyers aim to bring SHIB back to its previous highs, but sellers are resisting this upward correction.
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