Shiba Inu (SHIB) has reached the projected price target of $0.00000918 or the 1.618 level of the Fibonacci extension.
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.
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.
Key resistance levels: $0.00001200, $0.00001300, $0.00001400
Key support levels: $0.00000600, $0.00000550, $0.00000450
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.