Shiba Inu (SHIB) Price Analysis: Will the Bullish Trend Continue?
The price of Shiba Inu (SHIB) is currently trading above the moving average lines, but the upward movement has halted at $0.00004500 on March 5, 2024.
Long-term Forecast for Shiba Inu Price: Bullish
On March 5, SHIB reached a high of $0.00004547 before facing resistance and experiencing a sharp decline. However, it found support above $0.00002000 and is now consolidating between $0.00002000 and $0.00004500.
Currently, the altcoin is declining but remains above the support level of $0.00003400, with a value of $0.00003441. It is expected that SHIB will continue to fluctuate within this range for a few more days. The current rally will come to an end if bears push the price below the 21-day Simple Moving Average (SMA).
Analysis of Shiba Inu Price
Looking at the 4-hour chart, the price bars are positioned above and around the 21-day SMA. If the price falls below this level and bearish momentum continues, selling pressure will increase. The slow price movement is indicated by doji candlesticks.
Technical Indicators
- Key resistance levels: $0.00001200, $0.00001300, $0.00001400
- Key support levels: $0.00000600, $0.00000550, $0.00000450
What Can We Expect Next for Shiba Inu?
On the 4-hour chart, SHIB is currently hovering in the middle of the price range between $0.00002000 and $0.00004500. The price bar is on the verge of falling below the 21-day SMA, which could result in further decline. If this happens, the altcoin may reach a low of $0.00003000.
Hot Take: Will SHIB’s Bullish Trend Continue?
While Shiba Inu (SHIB) has been trading above the moving average lines, it encountered resistance at $0.00004500 and experienced a sharp decline. Currently, SHIB is consolidating above the support level of $0.00003400, but the rally may come to an end if bears push the price below the 21-day SMA.
Traders should closely monitor the price movement and look for potential breakout or breakdown patterns before making any trading decisions.
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