Shiba Inu Coin Holds At $0.0000095 As Buyers Recoup Their Investment

Shiba Inu (SHIB) has reached the projected price target of $0.00000918 or the 1.618 level of the Fibonacci extension.

Shiba Inu (SHIB) price long term prediction: bullish

On November 11, the price of SHIB rose to a high of $0.00000961 before falling below the $0.00000910 resistance. Further gains are conceivable if the price of the cryptocurrency remains above the moving average lines. For example, if the bulls break through the $0.00000950 resistance, the altcoin will rise to a high of $0.00001100. 

The altcoin will be forced to trade in a range between $0.00000800 and $0.00000950 if the buyers are unable to sustain the price above the current high. However, if the price of the crypto falls below the moving average lines or the $0.00000800 support, the current rise will be halted.

Analysis of the Shiba Inu indicator

The cryptocurrency's price bars are bouncing above the 21-day SMA with an extended candlestick tail. The extended candlestick tail indicates significant buying pressure at lower price levels. The price bars are supported by the 21-day SMA. If the support level is broken, the altcoin will fall.

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)?

SHIB/USD remains in the bullish trend zone. The uptrend has stalled at the $0.00000950 high. If buyers fail to restart the uptrend, the cryptocurrency will be forced to trade in a range between $0.00000800 and $0.00000950.

Disclaimer. This analysis and forecast are the personal opinions of the author and 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.