Shiba Inu (SHIB) price long term prediction: bullish
The price of Shiba Inu (SHIB) dropped after being rejected on December 17. However, buyers attempted to push the price higher on December 23 but failed. If the current rise in crypto price continues and stays above the 21-day SMA, SHIB is expected to rise and retest its recent high. The uptrend will end if the bearish momentum falls below the 21-day SMA, causing the altcoin to drop to a lower level. Currently, the price of SHIB is hovering above the moving average lines.
Analysis of the Shiba Inu indicator
After the recent drop, the price bars of SHIB are still above the moving average lines. However, on the 4-hour chart, the price bars are below the moving average lines, indicating that the cryptocurrency may continue to fall. Additionally, SHIB is experiencing overbought conditions at its high point, leading to sellers emerging as the value decreases.
Technical indicators
Key resistance levels for SHIB include $0.00001200, $0.00001300, and $0.00001400. On the other hand, key support levels are $0.00000600, $0.00000550, and $0.00000450.
What’s next for Shiba Inu?
If the current support holds, SHIB/USD’s recent rally may be in jeopardy as it falls above the 21-day SMA. The market could move between the 21-day SMA and resistance at $0.00001150. The presence of long candle tails pointing downwards suggests that there could be heavy buying pressure on the cryptocurrency.
Hot Take: Shiba Inu’s Future Outlook
Based on the analysis, Shiba Inu’s future seems to be bullish in the long term. However, there are risks of a potential drop if the bearish momentum surpasses the 21-day SMA. Keep an eye on the support and resistance levels to gauge the market movement. Stay informed and make wise investment decisions.
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