Shiba Inu Recovers But Remains Above $0.00002500

The recovery of Shiba Inu (SHIB) has met resistance at $0.00002800, resulting in a decline.

Shiba Inu price long-term forecast: bullish

Since its recovery from the bottom of the chart, Shiba Inu coin has been trading above the moving average lines but below the $0.00002200 resistance level. 

On November 10, the altcoin rallied and broke through the resistance at $0.00002200. The upside momentum was halted at a high of $0.0002800. Currently, the crypto price is trading between the breakout level of $0.00002200 and the resistance level of $0.00002800. If the barrier is breached, the altcoin will rise much higher and reach $0.00003000 and $0.00003500. 

However, if the altcoin falls below the breakout level of $0.00002200, it will return to its old trading range. The value of the altcoin currently stands at $0.00002506.

Analysis of the SHIB indicator 

The price bars remained above the moving average lines after rising from their decline. The altcoin's uptrend has started as it bounced above the moving average lines and overcame the initial hurdle at $0.00002200. The price action has been driven by doji candlesticks that are keeping the altcoin stable.

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 SHIB?

SHIB has resumed a bullish trend and is starting an uptrend. The altcoin peaked at $0.00002800 before beginning to fluctuate below that level. The upward and downward movement has paused as the cryptocurrency moves in a range. The candlesticks have long wicks and tails pointing to their respective ends. The wicks indicate significant selling pressure at $0.00002800, while the tails indicate strong buying pressure near the low at $0.00002300.

Last week, Coinidol.com reported that the price of SHIB tried to rise above the moving average lines. 

Disclaimer. This analysis and forecast are the personal opinions of the author. They are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol.com. Readers should do their research before investing in funds.