Shiba Inu Recovers And Challenges The High Of $0.000020

The price of Shiba Inu (SHIB) has rallied with the bulls breaking above the 21-day SMA. In the recent price action, the bears pushed the altcoin to a low of $0.00001273 while the bulls took advantage of the dips.

Long-term forecast for the Shiba Inu price: bearish

Last week, the altcoin traded above the $0.00001460 support but below the 21-day moving average line. On July 13, the bulls broke through the 21-day SMA and resumed the bullish momentum. The bullish momentum is projected to reach a high at $0.000020 or the 50-day SMA.

If the price of the cryptocurrency breaks above the 50-day SMA barrier, the altcoin will resume its uptrend. SHIB is trading above the 21-day SMA support but below the 50-day SMA resistance. The altcoin is currently worth $0.00001803.

Analysis of the Shiba Inu indicators

The cryptocurrency has resumed its positive trend despite being trapped between the moving average lines. SHIB is rising and reaching resistance at the 50-day SMA. Once the altcoin breaks the 50-day SMA barrier, it will trend upwards. Currently, doji candlesticks dominate the price of the cryptocurrency.

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 Shiba Inu?

SHIB has started an uptrend and has risen above the moving average lines. The uptrend is meeting resistance at the high of $0.00001800. The altcoin is trading above the moving average lines but below the resistance level of $1,800. SHIB will resume its uptrend if it breaks above the 50-day SMA.

On July 5, SHIB fell to a low of $0.00001273 but recovered. The cryptocurrency was trading in a range above the $0.00001300 support but below the moving average lines on July 9, as Coinidol.com reported.  

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.